Welcome to the chiefmachers weekly blog.
At chiefmachers, we connect game-changing talent with future-defining businesses.
Our cutting-edge, tech-first approach is reflective of the industries and mindsets of the people we work with.
These blogs will talk about these industries and the talent working within them.
This week we’re talking about the impact of AI in the world of fintech.
The ripple-effects of AI’s mass introduction to the finance world are already being felt. We’re all now well-used to chat bots, automated security checks and similar.
Algorithmic trading is perhaps one of the clearest examples of how coded, automated systems have been set-up to operate at a speed and functionality not possible in humans.
No doubt, these innovations have already changed the face of the industry. Indications are, though, that this is just the start.
Away from the more public-facing services, AI is also being used in the processing of vast amounts of data, to identify possible security threats and much more.
Its introduction is saving a huge amount of time in the financial services sector. This is an industry that is now firmly meeting the ‘instant gratification’ expectations of customers today. It is set to go even further, though.
One example might be in the offing from financial giant, JP Morgan. Their specialised AI tool, IndexGPT is expected to launch very soon. Focused on financial services, it promises yet another evolution for the industry.
Seen as a tool set to disrupt the industry, reports suggest that IndexGPT will be used to assist in the selection of financial products for customers. It is expected to be highly accurate and efficient in its operations.
Naturally, the assumption is that, in time, it could move from playing a supporting role to acting as the primary selection process on its own.
At present, though, it is less likely to completely put financial advisers out of a job. More likely, it will be doing a lot of the leg work with final checks and confirmations completed by a much smaller team of human advisers.
The truth is that the full picture is yet to come. Moreover, the full realm of possibilities for the tech will evolve in time.
This is a move that has serious, senior backing at JP Morgan. CEO Jamie Dimon recently stated in a letter to shareholders that:
“AI and its fuel, data, are vital for the company’s future trajectory. With the increasing integration of technology in every aspect of our lives, the value of such advancements cannot be overemphasized.”
It goes without saying that this is just the start. Those ripples may soon turn into waves.