AI and IoT will change payment jobs but create more opportunity | PaymentsSource
Artificial Intelligence, robotic assistants, self-driving cars, 3D printing, and the Internet of Things are the wheels of a movement already in motion for shopping and transactions.
But even highly regulated industries like financial services and payments are feeling the shift. While traditionally resistant to innovation, banks recognize the forthcoming impact of artificial intelligence and automation of financial services in a word: decentralization.
Customers will have more control over their accounts with automation: how fast their money moves, and where. With newcomer fintechs entering the market, banks no longer have the last say over what people do with their money. And that shift shouldn’t be taken lightly.
But this mood of disruption is raising palpable tension in the workforce. Many have asked: “If a machine can easily do my job, what will happen to empathy, emotional intelligence, and the human connection?”
Welcoming automation into our industry with less friction and fear happens when we understand its overwhelming benefit to our futures and the quality of our work. Automation is one answer to a shrinking workforce population and increasing demand for productivity, but it isn’t a cure all. These are big questions and the answers aren’t simple. But we can look at the global data to see how industries are meeting the demands of a new era with the tool of automation.
McKinsey Global Institute conducted a study of more than 2,000 work activities across 800 occupations using statistics from the U.S. Department of Labor, from which they developed a model to make automation predictions for about 80 percent of the global workforce. While the report states 45 percent of jobs worldwide have the potential for automation, it isn’t referring to job elimination. MGI Partner and contributor to the report Michael Chui shares his thoughts: