Machine-learning algorithms should generate some $42 billion in annual ad spend by 2021. While experts speak of a “machine learning revolution,” this artificial intelligence might make it to a new level. Markets are keen to develop new tools for machine learning.
Machine Learning leads a new financial transition
Millennials represent both a future promising workforce and adapted customers. According to a new study, 57 percent of American millennials believe that traditional banks as they know them will cease to exist within their lifetime, reports to Blumberg Capital.
Not only do Millennials represent promising consumers, but their digital-born lives make them adapted for machine learning-related jobs.
“They have a firm belief that the insights of modern technology can be competitive with someone who is personally advising you, and at a fraction of the cost,” said Luis Viceira, George E. Bates Professor and Senior Associate Dean for International Development at Harvard Business School. But, as the academics emphasize, they are still students at the moment.
Humans with AI skills needed
Meanwhile, the demand for such qualified workers increases on the market. But the offer is rare. According to the Financial Brand, only 35 percent of the financial organizations have integrated machine-learning workers.
As the demand increases, companies will soon not have a choice. As a matter of fact, a good-old MBA might not be good enough to get a job in finance anymore. At PwC, world-known bank JP Morgan-Chase or some American hedge funds, AI-related jobs are on the rise. They require necessary AI knowledge.
As The Economist forecasts, from 2019: “anyone seeking to become a “chartered financial analyst,” will need AI expertise to pass his exams.”
Moreover, to make this discipline more accessible to current tech employees, fintech startups have created new solutions.
Machine Learning is fintech startups’ future
For fintech, machine-learning ignites a second opportunity. On the one hand, fintech startups are offering a faster way for machine learning to be processed, such as DataRobot.
On the other hand, they offer fraud protection and find new trading strategies. The primary goal is to simplify the client experience through smart tech.
Millennials have multiple potential
Last but not least, almost half of American millennials were saving five percent of their monthly income, according to Forbes.
For Luis Viceira, millennials are looking to use solely “a phone number and an email for customer service, and that’s about it.” Regarding marketing, he says that “The main way they communicate with customers is through a blog.”
And machine learning is just starting. Next milestone: the international machine learning conference in Barcelona, from November 21st-23rd. So far, Deepmind, IBM, Amazon and scholars from Oxford University are announced. The conference is trying to attract professionals and students in search of insights on upcoming trends. You can register for the event here.