Keep up with all the latest FinTech news here. From our recruiting team to our IT team and everyone in between, we are. Only by starting the journey now, and understanding the implications can be mitigate the risks of GAI and better reap the rewards.” Every single employee at Volt plays a role in powering successful careers and companies. “Every financial institution has started its GAI journey and it’s imperative to take the first step – even if it’s a small one – to avoid being left behind. While opinions within the financial services industry are deeply divided, there is one common consensus: the expectation that GAI will boost revenues but inevitably reshape the workforce and displace jobs. Customer service, credit checks, lending automation, and market research are all areas being considered for its application.įintechOS co-Founder and CEO Teodor Blidarus said, “GAI is a terrain marked by both excitement and apprehension and our study explores the polarised sentiment that surrounds this groundbreaking technology. Interestingly, the US is ahead of the UK in terms of investment in GAI.īusinesses are yet to reach a consensus on the areas that GAI will most benefit. While a sizeable portion of institutions are not yet using GAI, over 50% of the larger firms (with 3,000 or more employees) are currently implementing it. Younger individuals (aged 25-34) are more likely to see GAI positively compared to older counterparts, with 47% of those aged 55 and above viewing it more as a “foe.” There’s a marked difference in perceptions of GAI based on age demographics. The report is based on responses from senior technology decision-makers in major banks and insurance companies, with a focus on large-scale organisations in both the UK and the US. However, over half of the respondents (57%) expect GAI to lead to job losses, projecting an average workforce reduction of 30% in the next three years. Investment in GAI is substantial, with UK institutions spending between £800K and £1.6m, and US counterparts investing between $2.1m and $5m.įurthermore, a striking 66% of executives anticipate an average revenue increase of 20% due to GAI in the next three years. The financial services sector is sharply divided, with 45% viewing GAI as a “friend” and 40% as a “foe.” This division stems from a mixture of excitement, curiosity, apprehension, and fear. The study, which claims to be the largest of its kind, highlights the contrasting views within the financial industry about the implications, implementation, and overall impact of GAI. Volt also maintains additional offices in Orange, California, as well as across Europe, Asia, and India.The new study by FintechOS titled ‘Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry’ has found that 73% of financial services executives fear generative AI (GAI) might replace their jobs eventually. The public company was founded in 1957 and is headquartered in New York, New York. The company has been known to hire for career opportunities in fields like computer & IT, project management, business development, engineering, writing, and more.Ī leading provider of outsourcing solutions, staffing services, and information technology infrastructure solutions, Volt provides personnel recruitment services for engineering, technical, professional administration, and information technology positions. Volt has supported work flexibility in the past by offering part-time, remote, occasional, and temporary jobs, including full-time and long-term jobs. This company is always looking for talented professionals who want to make a difference in the lives of clients and provides a collaborative and diverse work environment where employee contributions are valued and encouraged. Volt employs more than 35,000 people and is dedicated to helping team members thrive by providing career development opportunities, specialized training, and mentoring opportunities with industry experts. Jobs magazine, and it has also won the Bakers Dozen Award from HRO magazine, among other accolades. The company is an award-winning organization that has been named the National Staffing Employer of the Year by the American Staffing Association and a Military-Friendly Employer by G.I. Volt was established more than 60 years ago as a small technical writing business and has grown into one of the top talent management and staffing providers in the world. Researched & Written by Ann Rozier on the FlexJobs Team
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