The Future of Finance & Innovation: Can You Bank on Generative AI?

Generative AI to Reshape Banking and Tech

A groundbreaking new era of artificial intelligence (AI) is ready to challenge long-held beliefs about technology.

For years, individuals employed in warehouses or fast-food restaurants have expressed concerns about the potential impact of automation on their employment. However, recent research indicates that generative AI, such as the one utilized in chatbots like OpenAI’s ChatGPT, is expected to have a significant influence on professionals in white-collar positions, particularly those in lucrative sectors like banking and technology. The nonprofit research institute Burning Glass Institute and SHRM, formerly the Society for Human Resource Management, released a report on Thursday. The report does not explicitly state that the technology will eliminate a significant number of jobs. However, it is evident that workers should enhance their readiness for a future where AI might have a substantial impact on various workplaces that have previously remained unaffected by technological changes. For individuals in the tech industry, this could imply that they might be constructing their own AI substitutes. “The individuals who will be most affected are those with college degrees, a group that has traditionally felt secure,” stated Matt Sigelman, the president of the Burning Glass Institute.

The researchers calculated the share of payroll spending that goes to workers in the 200 occupations where generative AI is most likely to have an impact for many corporations. Business analysts, marketing managers, software developers, database administrators, project managers, and lawyers are just a few of the well-off people with college degrees who hold these positions.

Finance companies such as Goldman Sachs, JPMorgan Chase, and Morgan Stanley are expected to face significant disruptions to their payrolls due to the rise of generative AI. Close behind are technology powerhouses such as Google, Microsoft, and Meta. Enabling AI to perform tasks traditionally done by humans can lead to significant cost savings for businesses. According to the research, banks and certain tech companies allocate a significant portion of their payrolls, ranging from 60 to 80 percent or even more, to employees in occupations that are most susceptible to the impact of emerging technology.

According to the report, the retail, restaurant, and transportation industries are expected to experience minimal impact from generative AI. Many well-known companies, such as Walmart, McDonald’s, and Delta Air Lines, primarily hire employees who do not have college degrees. These individuals are responsible for tasks such as assisting customers, restocking shelves, preparing food, and managing baggage. They allocate less than 20% of their payrolls to workers in the professions where generative AI will most likely have an impact.
The report does not provide any predictions regarding potential job losses associated with generative AI. According to the report, the decision of whether to bank the savings from AI automation or use it to invest and grow by adding more workers will be left to employers. Many experts predict that AI will have a significant impact on job roles in the coming years, potentially transforming them rather than completely replacing them. However, this could shift if there are significant advancements in technology.

The report highlights the need for increased training to prepare workers to adapt to fast-arriving technology, said Johnny C. Taylor Jr., chief executive of SHRM. “Corporations and governments will need to make significant investments to stay ahead of this,” he said. The report represents a recent addition to the expanding body of research that aims to forecast the impact of generative AI on the economy and the workplace. Additional research has predicted a significant increase in economic growth and productivity with the automation of numerous job functions. This automation has the potential to save time, up to 50 percent, for routine office and coding tasks.


Subscribe to Our Newsletter

Related Articles

Top Trending

Petropolitics Realignment: the new great game of Americas
Washington Turns South: The Brutal Calculus of the New Great Game in the Americas!
Best Countries in Europe to Start a Business in 2026
Your Guide to the Best Countries in Europe to Start a Business in 2026
How to Reduce Procurement Costs Without Sacrificing Quality
How to Reduce Procurement Costs Without Sacrificing Quality?
On This Day March 30
On This Day March 30: History, Famous Birthdays, Deaths & Global Events
Capital gains tax Canada
17 Key Facts About Capital Gains Tax in Canada

Fintech & Finance

Ai In Financial Services
How AI Is Making Financial Services More Accessible: Unlocking Opportunities
crypto remittances New Zealand
17 Critical Facts About How New Zealanders Are Using Crypto for International Remittances
Smart Contracts
Smart Contracts Explained: Real-World Applications Beyond Crypto
Tokenization Of Real-World Assets
Tokenization Of Real-World Assets: The Next Big Crypto Trend!
how to spot Crypto Scam
How to Spot a Crypto Scam Before It's Too Late: Protect Your Investment!

Sustainability & Living

Green Building Certifications For Schools
Green Building Certifications For Schools: Boost Learning Environments!
Smart Water Management
Revolutionize Smart Water Management In Cities: Unlock the Future!
Homesteading’s Comeback Story, Why Americans Are Turning Back To Self Reliance In Record Numbers
Homesteading’s Comeback Story: Why Americans are Turning Back to Self Reliance In Record Numbers
Direct Air Capture_ The Machines Sucking CO2
Meet the Future with Direct Air Capture: Machines Sucking CO2!
Microgrid Energy Resilience
Embracing Microgrids: Decentralizing Energy For Resilience [Revolutionize Your World]

GAMING

Geek Appeal of Randomized Games
The Geek Appeal of Randomized Games Like Pokies
Best Way to Play Arknights on PC
The Best Way to Play Arknights on PC - Beginner’s Guide for Emulators
Cybet Review
Cybet Review: A Fast-Growing Crypto Casino with Fast Withdrawals and No-KYC Gaming
online gaming
Why Sign-Up Bonuses Are So Popular in Online Entertainment
How Online Gaming Platforms Build Trust
How Online Gaming Platforms Build Trust With New Users

Business & Marketing

Best Countries in Europe to Start a Business in 2026
Your Guide to the Best Countries in Europe to Start a Business in 2026
How to Reduce Procurement Costs Without Sacrificing Quality
How to Reduce Procurement Costs Without Sacrificing Quality?
The Basics of Inventory Management for Growing Businesses
Streamline Profits with The Basics Of Inventory Management for Growing Businesses
Vendor Negotiation Strategies to Cut Costs Fast
How to Negotiate Better Deals With Vendors
Strategic Sourcing vs Tactical Purchasing Key Differences
Strategic Sourcing Vs Tactical Purchasing: Key Differences

Technology & AI

AI Bias
The Rise of AI Bias: Why It Matters To Everyday Consumers
AI Voice Assistants
How AI Voice Assistants Are Getting Smarter Every Year?
AI In Entertainment
AI In Entertainment: How Algorithms Decide What You Watch
Ai In Financial Services
How AI Is Making Financial Services More Accessible: Unlocking Opportunities
How AI Is Transforming Procurement and Sourcing
How AI Is Transforming Procurement and Sourcing

Fitness & Wellness

Regenerative Baseline
Regenerative Baseline: The 2026 Mandatory Standard for Organic Luxury [Part 5]
Purposeful Walk Spaziergang
Mastering the Spaziergang: How a Purposeful Walk Can Reset Your Entire Week
Avtub
Avtub: The Ultimate Hub For Lifestyle, Health, Wellness, And More
Integrated Value Chain
The Resilience Framework: A Collaborative Integrated Value Chain Is Changing the Way We Eat [Part 4]
Nutrient Density Scoring
Beyond the Weight: Why Nutrient Density Scoring is the New Gold Standard for Food Value in 2026 [Part 3]