Boston Consulting Group has predicted that by 2025 as much as a quarter of jobs currently available will be replaced by either smart software or robots. A study out of Oxford University also suggested that as much as 35 percent of existing jobs in the U.K. could be at risk of automation inside the next 20 years.
As part of 10 professional jobs that are threatened by advances big data and machine learning, the “financial services” jobs will be impacted as follows:
Algorithms can now analyze financial data and prepare accounts (as well as do tax returns) — without the need for accountants. Bank tellers have already been partially replaced by ATMs, but soon even higher level bankers, including loan officers, could be easily replaced by automated systems. Even governments are now using big data and machine learning to check tax returns and identify potential fraud in tax matters. We know that computers are already being used to make stock trades faster than humans ever could and they’re even used to predict how the market will react and make recommendations whether you should buy or sell.
Discover the full article on Forbes here.