The Dark Side of AI in Finance: How Technology is Changing the Financial Landscape
In recent years, there has been a rapid increase in the use of artificial intelligence (AI) in the finance industry. AI has been applied to various financial applications, including trading, fraud detection, and credit scoring. While AI offers numerous benefits, such as increased efficiency, accuracy, and cost savings, there is also a dark side to its use in finance. In this article, we will explore the dark side of AI in finance and how technology is changing the financial landscape. Job Displacement One of the most significant consequences of AI in finance is job displacement. As AI continues to advance, many jobs in the finance industry will become automated. According to a report by PwC, up to 30% of jobs in the finance industry could be automated by 2025. This could result in significant job losses and have a significant impact on the workforce. Increased Complexity The use of AI in finance has also led to increased complexity. Financial institutions are now using sophisticated a