By Kirstie McDermott
Google registered a search interest of 100––its highest ranking––for the search term "generative AI" in the week of February 12th, 2023. It won't be a surprise to find that this was prompted by the November 2022 introduction of ChatGPT, an AI chatbot model developed by OpenAI.
Compare this surge in curiosity to six months earlier: in December of 2022, search interest was at 34, and in October, pre-launch, it was at a far lower seven. ChatGPT has experienced the fastest growth in history for a consumer application, taking just two months to reach over 100 million users.
It's clear that generative AI, in particular ChatGPT, has hit the public consciousness like a juggernaut. Globally, people aren't just finding out about it; they are also using it for work as well as entertainment.
Easy to use, it also has many capabilities across industries. The newest iteration of the chatbot, GPT-4 was launched in March of this year. According to
When it comes to banking and financial services, generative AI has many uses too, giving financial institutions the means to overcome data limitations, improve their risk management, enhance fraud detection, personalize services, and refine investment strategies, for example.
Is your job vulnerable to AI?
For those within the banking industry, it's understandable that fears are on the rise with regards to job security. It is likely that AI will both disrupt and take some jobs, which include customer service roles (chatbots are already making inroads here), and accounting clerks and bookkeepers–– AI technology can help automate tasks such as data entry and invoice processing.
Financial analysts, too, may be under threat as AI algorithms can analyze large amounts of financial data, providing recommendations for investment decisions. Loan officers and bank tellers or clerks are vulnerable as AI can help streamline the loan approval process by automating credit analysis and risk assessment.
It's important to keep in mind that new technology both wipes out jobs as well as creates new ones. In the World Economic Forum's most recent
What you can do
In order to remain competitive and stay ahead of artificial intelligence, the good news is there are a number of things you can do. The WEF's report says that soft skills (which AI cannot easily automate), such as analytical and creative thinking skills come out on top.
Self-efficacy skills, including being resilient, flexible and agile, being motivated and self-aware, and curious and committed to lifelong learning are also important. This is "in recognition of the importance of workers' ability to adapt to disrupted workplaces," the report said.
Staying up-to-date with technology, and developing resilience and adaptability in the face of rapid change is also important as is making sure that you diversify your skills. Developing a range of abilities means you can pivot across roles and industries, widening your career footprint.
Lastly, don't underestimate the power of relationships. Building strong bonds within your industry as well as with colleagues and clients can help to create opportunities for the future.
And if you are looking for a new job now. then the
Citi
Leading global bank,
Wells Fargo
World Bank
Headquartered in Washington, D.C, the
