Fintech Revolution: Davos: ‘Future of Jobs’ Report Predicts Fintech Shift
finance Magnates reports on Davos:
A major shake-up in employment across financial services can be expected thanks to advanced technologies like machine learning, according to a high profile report presented at this week’s World Economic Forum in Davos, Switzerland.
For anyone watching the way one asset class after another is going electronic, the prediction that robots will be running trading systems of the future might seem axiomatic.
But does that mean there’ll be fewer jobs in the industry of the future as well?
Not according to a new report by Founder and Executive Chairman of the World Economic Forum (WEF), Klaus Schwab, and Member of the Managing Board of WEF, Richard Samans. It seems that business and financial operations and management will be mainly flat in terms of net jobs in the sector looking out to 2020.
That might come as a relief, since overall the economists calculate that current trends could lead to a net employment impact of more than 5.1 million jobs lost to disruptive labour market changes over the period 2015–2020, with a total loss of 7.1 million jobs— two thirds of which are concentrated in office and administration.
Still, the kinds of finance jobs available will look quite different, a reality that’s already a trend being noticed worldwide.
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