A New Niche for Practitioners

Sean Stein Smith ()
Additional contact information
Sean Stein Smith: Lehman College, CUNY

Chapter 9 in Blockchain, Artificial Intelligence, and Financial Services, 2024, pp 135-146 from Springer

Abstract: Abstract As decentralized and distributed services and products continue to enter the marketplace and the disruptions that these tools bring are felt throughout the market and by different actors, it will also be important for practitioners and organization to obtain the appropriate mindset. There is a phrase used in the accounting profession, which is one that can be applied to different subsets and areas of the financial services profession as well: riches are in the niches (McCausland, 2000). Generalized services, lower-level tasks, and virtually every aspect of workplace activity that can be automated will be automated, and this will invariably cause margin compression, fee restructuring, and generation of differentiated services. This is already underway, and the tried and true solutions of investing in more automation while also reducing employee headcount will simply not be sufficient to compete effectively going forward. Organizations as large and sophisticated as BlackRock, Deloitte, Fidelity, JP Morgan, Goldman Sachs, Invesco, Bank of America, Citi, and numerous other firms in other industries are currently dealing with these forces with a combination of investment, hiring of different employees, reduction of current headcount, and launching of digital solutions. That is well and good, as well as being absolutely necessary, but a different tactic will be required going forward.

Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:fuobcp:978-3-031-74403-7_9

Ordering information: This item can be ordered from
http://www.springer.com/9783031744037

DOI: 10.1007/978-3-031-74403-7_9

Access Statistics for this chapter

More chapters in Future of Business and Finance from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().