5 ways fintech workers can use Gen AI to boost their careers

Artificial intelligence is the buzzword of the moment for many employees, regardless of the industry they work in. Recent research has uncovered the fact that 36% of workers are overwhelmed by the rate of progress, and 38% believe they won’t be able to keep up with the AI developments sweeping through their companies.

People know they need to upskill, with 45% wanting to learn more about AI, even as 66% say their employer has yet to offer any formal AI training. And as 38% of workers expect their jobs to change significantly thanks to the advent of AI, it’s no wonder they’re worried.

5 ways fintech workers can use Gen AI to boost their careers

For those working within the fintech and payments industry, there’s a lot of scope for the way AI can be both used to enhance services and platforms––as well as create new opportunities for employees – writes Kirstie McDermott, Senior Content Manager, Amply.

Mastercard’s recent Signals report outlines the fact that “in areas like software development, it has the potential to be transformational. It’s also a useful tool to consolidate structured and unstructured data for customer service teams and has promising applications in cyber protection and in creating more personalised experiences and services.”

While these are often-touted uses for AI tools and specifically for the fintech sector, the report also highlights some other areas where artificial intelligence can have an impact. Discover five of those below.

1. Conversational banking

Mastercard’s report notes that while digital banks tend to have a legacy reliance on chatbots, the reality for customers often doesn’t match the expectation. It says that Gen AI may enhance customer interactions, “promising bots capable of comprehending and responding to inquiries in more contextually appropriate ways”. Ultimately, this can smooth the transition to digital-first banking.

2. Wealth advisory

In terms of AI as co-pilot, LLMs can be used by financial advisors to take on some of their tasks. Because AI can synthesize vast amounts of information quickly, this can help with investment strategies like options trading. In fact, the report notes that Morgan Stanley Wealth Management has launched an AI-powered knowledge management assistant. It’s called the AI @ Morgan Stanley Assistant and gives financial advisors quick access to a database of about 100,000 research reports and documents.

3. Credit issuance

With 89% of respondents in a survey by Finicity saying that their mortgage application was at least as stressful as finding a home, something needs to give. Generative AI can be used to make the application processes simpler, and reduce processing times and associated costs by providing step-by-step conversational guidance.

4. Content creation and knowledge insights

Generative AI can help marketing teams to automate content creation for a whole host of use cases from emails, to customer communication, product descriptions and reporting. Additionally, the report says that “bankers equipped with gen AI may find that information searches that once consumed hours could now take minutes or seconds.”

5. Client onboarding

One of the most resource-intensive processes, client onboarding can take up to 100 days. AI can help to streamline KYC, compliance and documentation management, all helping to get a customer up and running faster––and making the company money.

If you’d like to delve deeper into the use cases for generative AI, a job move can offer a chance to position yourself. If you’re in the market for a new job this year then the Payments, Cards and Mobile Job Board is a great starting point.

Leidos is seeking a Programme Finance Analyst in Hampshire where you’ll provide support in the area of Programme Financial Control, helping to ensure the integrity of the financials on a key UK MOD programme, which sits in the Defence Portfolio within our National Security and Defence (NS&D) Division.

In London, Mastercard is recruiting for a Director, Procurement Cards who will be responsible for delivering best-in-class B2B card strategy, narrative, and value proposition to meet the needs of employees and corporation buyers such as procurement teams, accounting teams, finance teams) as well as B2B partners and fintech partners.

Or consider this Engineering Manager (Mobile) – Global Bank role at SumUp, also in London. Here, you’ll lead a squad of mobile engineers building and supporting mobile banking features in the SumUp Super App. The team is focused on delivering the most impactful user-facing features, both global and market-specific, which require a deep understanding of the mobile banking domain.

For more great opportunities in fintech, visit the Payments, Cards and Mobile Job Board today