Fintech Revolution – Finance Professionals Rushing To Take Courses As Career Hedge

Fintech, blockchain and A. I. are revolutionising the banking industry and have the potential to replace a significant percentage of the human capital, eliminating a chunk of their cost bases. Last month, former Citi CEO, Vikram Pandit, was particularly pessimistic, claiming that 30% of jobs could be lost in the next five years.
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As CNBC reports, finance professionals, especially ‘more experienced’ ones, are acutely aware of the risk and are rushing to educate themselves via online learning.
Financial professionals are taking online financial technology (fintech) courses to fend off competition and stay ahead of disruption. The boost in uptake is due in part to a feeling among those in the industry that financial technology has reached a turning point in its evolution. A report from Citigroup in 2016 caused widespread debate when it estimated that between 2 million and 6 million jobs would be lost in banking across the U. S. and Europe over the next 10 years. That was attributed to both automation and artificial intelligence (AI), innovation and the rise of more efficient and less cost-intensive challenger banks. Santander’s fintech-focused venture capital fund, Santander InnoVentures, estimates cost savings for banks that implement blockchain technology as high as $20 billion per year by 2022.

This post was published at Zero Hedge on Nov 1, 2017.

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