Fintech workforce to expand 19% by 2030 thanks to AI, Cambridge University predicts

Using data collected in a global survey during 2019, the report analysed a sample of 151 fintechs and incumbents across 33 countries to paint a rich picture of how artificial technology is being developed and deployed within the financial services sector. While 77% of respondents noted that they expect AI to become an essential business driver across the financial services industry in the near term, the report found that the way incumbents and fintechs are leveraging AI technologies differ in a number of ways. A higher share of fintechs tend to be creating AI-based products and services, employing autonomous decision-making systems, and relying on cloud-based systems. Whereas incumbents appear to focus on "harnessing AI to improve existing products. This might explain why AI appears to have a higher positive impact on fintechs' profitability."