New skills in an AI world in finance

Tram Anh Nguyen
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Tram Anh Nguyen: CFTE | Centre for Finance, UK

Journal of Digital Banking, 2023, vol. 8, issue 3, 263-274

Abstract: The financial industry has undergone a transformation over the last 10 years, with FinTech now being worth more than a third of banking, and five of the top 10 financial services are now digital-based businesses. Nowadays, an increasing number of AI technologies, notably the Large Language Models (LLMs) like ChatGPT, are accelerating the disruption in the industry. The industry has changed, and the skills required in today’s landscape are different from the ones needed previously, resulting in a widening knowledge gap. This paper maintains that skills in an AI-powered world in finance are not confined to hard skills alone, but also encompass soft skills, industry knowledge, mindset and experience. The paper provides a long-term solution for the industry to acquire up-to-date skills and build a more resilient ecosystem in finance.

Keywords: skills; finance; FinTech; AI; education; lifelong learning (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2023:v:8:i:3:p:263-274

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