The technological revolution requires changes in the education system
The current technological revolution will lead to a leap in growth efficiency in many areas of the economy, including the financial sector. It will, however it also had negative consequences. We should anticipate them today and try them to prevent.
The technological revolution changes the structure of the economy as a whole, but also individual industries and enterprises. Its consequences have been around for a long time well visible in the financial industry. As in the industrial sector, in finance we are witnessing more and more advanced automation of business processes. A technology that, before our eyes, is revolutionizing the banking and insurance industry, whether the investment is artificial intelligence.
We can talk about artificial intelligence when the computer system is capable analyze large data sets, learn and choose how to achieve achievement set goals. In the financial industry, artificial intelligence is used for analysis credit and investment risk, fraud detection and systems telephone customer service. Insurance companies use it in their payout approval process compensation of little value.
Computer systems based on artificial intelligence contribute to the increase the effectiveness of business procedures as well as a radical reduction in operating costs financial institutions. Simply put, they make it possible to carry out very considerable employment reduction.
This means that the technological revolution can lead to significant consequences social. Both in the industrial and service sectors (including finance), staff reductions concern the lowest qualified personnel. In banks, these are most often positions of customer advisers, analysts or cashiers. In other branches the economy, the number of positions for manual labor will decrease. People with the lowest salaries will lose their jobs, which may lead to a deepening of the existing ones already significant inequalities.
Both at the level of the economy as a whole and in individual industries and enterprises, there is an urgent need to prevent the emergence of the negative the social consequences of the technological revolution.
The only answer to the problems that arise is the dynamic development of education. But the problem is that the structures currently in place are not suited to the new challenges. WITH Due to the ongoing changes in the technologies used, it will be more important it was losing the model where education only takes place in the first twenty-few years of life. On the other hand, the importance of complementary adult education will increase. It is anyway, it has been visible for a long time, and it is manifested by the growing popularity of studies postgraduate. In the field of finance, the most popular directions are: shaping values in financial strategies, mergers and acquisitions, financing entrepreneurship or management of investment strategies.
Understanding the changes taking place in economic structures will be essential condition for benefiting from them. At the moment when manual work will be performed only through machines, knowledge that is consistently updated will become ours the most important resource.