I don’t know much about this space so I thought to open up some serious discussion. What areas of finance do you guys think are going to be disrupted by FinTech? Do you see any places we can see growth?
I’m only familiar with the PM apps which should result in shrinking of public market equities roles, both buy side and sell side, butIm guessing that’s not the totality of it.
I went to talk by Anthony Jenkins (Ex-Barc CEO) on this last week. He thinks every sector of banking will be disrupted and 80% of jobs in retail will be gone and slightly less than that in IB. Banking / finance is long overdue it’s Uber / Air Bnb / facebook / Amazon moment where all other competition fades away.
Fund rasing = peer to peer lending
reail and corporate loans = peer to peer lending
Wealth management = algorithims and artifical intelligence will predict your risk score and place funds in an appropiate asset allocation.
Retail = speak to AI advisors on everything from mortgages to deposit placements.
Banks are so clunky and slow to change that new FinTech firms will blow away all competition.
This is not exactly finance but I assume with the growth in AI,ML, and its subsidiaries fielda like pattern recognition or text recognition accounting and auditing jobs will be done by machines. Accounting is hard but also very flow chart type of activity so I am assuming at some point in the near future they will stop hiring. I was watching a lecture by Aswath Damadoran who essentially hinted that softwares are becoming better and better at valuing companies than bankers and whatnot.His talk can be found at YouTube and it is given at Google I just can’t remember the exact time he said it.