Will Financial Software Take Over Human Jobs?

AI has been a hot topic in nearly every industry, with many wondering whether it will take over various tasks, like software engineering and financial analysis. 

No wonder so many of us wonder whether trusting in financial AI software will lead to job losses. 

But before jumping to conclusions, let's take a closer look at what these tools really mean for your career.

The Limits of AI in Financial Professional Roles

The thought of being replaced by a machine can be unsettling. After all, job security is something many of us worry about, especially in an age where technology is advancing so rapidly. 

This fear doesn’t stem out of nowhere, either. According to OpenAI's CEO, Sam Altman, AI agents may soon be able to handle tasks that are currently carried out by software engineers with a few years' experience. 

But this fact shouldn’t conjure up visions of a world in which AI rules supreme, either. 

While improved financial software and AI can process vast amounts of data faster than any human can, the quality of the output depends very much on us, the financial professionals. 

In fact, Altman has also emphasised that human oversight will remain crucial, especially for more complex problems and innovative solutions. So while AI is better at analysing massive data sets, it lacks something we gain through sheer grit: experience.

AI's Role in Financial Services

What’s important to keep in mind is that experience is not just about processing information: it's about knowing which pieces of information are relevant and how to apply them effectively. 

It also involves intuition, an area where AI still falls short as it learns from existing knowledge, not from the spark of creativity that drives true innovation.

In financial services, AI can certainly assist with many routine tasks: it’s fast, efficient, less biased, and capable of handling repetitive processes with ease. 

However, when it comes to areas that require judgment and decision-making, such as risk management, humans still play an irreplaceable role.

The Importance of Human Relationships in Finance

But there is one more area where AI will probably never overtake humans, and that’s trust, which is a cornerstone of the financial services industry. 

Clients don't just need a solution—they need a relationship. 

While online banking handles simple transactions like payments well through automation, the human element becomes vital when it comes to high-value investments or nuanced financial advice.

Finding the Right Balance

The challenge, therefore, lies in integrating AI with human expertise. 

• AI excels at speed and accuracy but can make errors that a human would catch. 
• We may take longer, but humans bring the benefit of experience, context, and foresight to their decisions. 

In other words, we should only think of AI as a tool that can enhance our work by helping us work faster and more accurately.

So, if you're wondering whether financial software will take your job, rest assured that it won’t. 

It will, however, help you work smarter and more efficiently, leaving you with more time to focus on what truly matters: your relationships with clients, your judgment, and your creativity.

And that’s exactly what we, at Wakett, develop: financial tools that help you make the most of your data, that let you stay on top of developments, that allow you to observe changes, but not that replace humans. 

So, take the first step towards improving your financial output and get in touch with us!