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Artificial intelligence's impact on finance

With fears that artificial intelligence could take away jobs from finance, Matt Weston looks at how it is potentially changing hiring for the better.

In August, Andy Haldane, chief economist at the Bank of England, hit the headlines warning that the UK would need a skills revolution to avoid “large swathes” of people becoming “technologically unemployed” as artificial intelligence threatens jobs.

Haldane said the possible disruption caused by the Fourth Industrial Revolution could be on a “much greater scale” compared to anything felt during the Victorian era. But recruitment specialist Robert Half’s research shows how automation is set to change finance team dynamics and hiring for the better.

The worldwide survey of CFOs predicted that automation would bring teams closer together and improve group dynamics. The research, conducted for the Robert Half Salary Guide, showed that 66% of CFOs expected an increase in team collaboration, while 63% thought team innovation would improve.

This is an extract from the Business & Management Magazine, Issue 269, November 2018.  

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