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The impact of AI on the field of finance.

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Evolving technologies significantly impact on businesses because they improve the existing processes. Currently, artificial intelligence (AI) is the most trending business topic because of its opportunities in different fields. Financial industry is among the industries which have adopted the opportunities presented by AI As the artificial intelligence transforms a number of domains, financial companies are moving very fast to keep the pace. AI’s accuracy, speed, effectiveness, and efficiency are vitally important for financial business especially due to their great deal through algorithms in services (Chakraborty & Joseph, 2017).

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EFB360 – Finance Capstone

Reflective Piece

[20 MARKS OUT OF 100 MARKS TOTAL]

Title and Theme

“Things we fear and hate to love” How not to be like Frankenstein.

Background        

“People always talk about this stuff as displacement. I talk about it as freeing people to work on higher-value things …”

(Dana Deasy, Chief Information Officer at JP Morgan)

In recent years, the impact of Artificial Intelligence (AI) has attracted the attention of practitioners, mainstream media, and academia. It is revolutionising the way organisations do things and continues to change the way that society operates. With more and more resources being poured into AI research and development as we speak, most would say that we are yet to experience the full force of what is now being called the ‘AI revolution’. However, much remains uncertain about what AI means for skills, and where AI will take us as a society into the future.

AI has simplified processes, improved organisational efficiency, and increased our ability to access and process information. For example, JP Morgan recently implemented a new program called COIN (short for COntract INtelligence) which is able to do in seconds the work that lawyers took 360,000 hours a year to complete, and without error. COIN has also reduced the number of human errors made on loan documents (although check some of the recent comments made during the Royal Commission in the Financial Industry). Even the average household is jumping on the AI bandwagon, with devices utilising AI becoming a household staple.

Indeed, AI offers a lot of benefits vis-à-vis human effort. AI can access, collect, and process larger amounts of information than the human brain. Second, AI can process this information at a fraction of the speed of the human brain. Thus, AI can potentially make decision beyond the framework of bounded rationality that typically plagues optimal decision-making.

With so many other powerful advantages over humans and firms increasingly integrating AI into their operations, one must start to wonder how humans are able to contribute in the workforce.

 

Task

Your task is to write a reflective piece on how you individually and as a member of a team expect to survive the AI revolution. The impact of AI on the field of finance.

The reflective piece will require you to consider the following:

  • The impact of AI on the field of finance.
  • Where you (individually or as a team) can add value to your profession.

Completing this assignment will require you to write what you think NOT what you read.

To kick start your journey, here are some initial questions:

  • What are some of the concerns about AI, and why?
  • How has AI affected the field of finance today, and where do you see things in 5-10 years’ time? Why?
  • How can you play a role (add value) in your vision of the future?
  • How will you achieve this? The impact of AI on the field of finance.
  • How does working in a team affect your ability to add value?

All your thoughts should be specific (if it is too general, chances are your opinion will be vague) and fully justified with logical arguments. The impact of AI on the field of finance.. You may use real-life examples to illustrate your opinion. Feel free to support your argument with academic research (papers).

So as to not inhibit creativity, there is no wrong answer, only a poorly argued reflective piece.  Since this is a reflective piece, you must write in the first person (“I”). If you have any queries, you are encouraged to get in touch with the teaching team.

 

Requirements

  • Word count: max 1250 words (no 10% rule – excess words will not be read). NO tables or figures allowed.
  • Due Date: Sunday, Week 10 (October 7) @ 11:59pm.
  • Submission: Upload your reflective piece as a Microsoft Word document (docx) on Blackboard. PDF files will not be marked!
  • Referencing: (If any) should appear as footnotes in the piece.

 

 

 

Learning objectives

There is a reason why we focus heavily on developing your ability to think critically and creatively. David, David, & David (2011) note that very little is taught in business schools that will have any value to the corporate world. According to Belkin (2017): “A survey by PayScale Inc., an online pay and benefits researcher, showed 50% of employers complain that college graduates they hire aren’t ready for the workplace. Their No. 1 complaint? Poor critical-reasoning skills.” The impact of AI on the field of finance..

Critical thinking is “the ability to develop a capacity to reason logically and cohesively.” It refers to the capacity to carry out a set of logical operations, to evaluate categories and forms of knowledge in order to determine their validity. Hence, critical thinking builds your capacity to apply theoretical concepts to practice. Critical thinking may also be defined as “the ability to question and challenge existing knowledge.”  The impact of AI on the field of finance.. It is about identifying and challenging assumptions and exploring and imagining alternative solutions.  It is also about understanding the nature of our thinking and the meaning of knowledge.

The task set in this exercise requires you to collect, organise and carefully weigh up the information you have collected. Doing so you will have applied your critical evaluation skills and have started to form an opinion.

When writing the reflection piece, you will need to provide logical arguments and evidence that support your opinion in an attempt to persuade the readers your thoughts are worthy of attention.  If you find this is not the case, you are not yet finished writing.

The CRA for this assessment piece is available on Blackboard, and you should consult this for a more thorough understanding of our expectations. The marks relate to the process and are divided up as follows:

  • Analytical and critical thinking (30%) – demonstrate that you can recognising competing arguments and are able to generate your own independent thought and judgement; The impact of AI on the field of finance.
  • Creative and innovative thinking (30%) – demonstrate an ability to look at the issue from a fresh perspective that suggests an unconventional solution.
  • Professional communication (20%) – demonstrate an ability to communicate your ideas to others (grammar, structure/strategy, narrative, emotion).
  • Self-reflection (20%) – showing that you have thought about how this issue will affect you personally in professional practice while reflecting on some examples on how you intend to remain relevant in the AI revolution.

Writing a killer reflective piece

For most of you, this will be the first time being exposed to this type of writing. In many ways, this task goes well above and beyond the self-reflections that you are used to in that you have to offer your own viewpoint on a topical issue. While writing this piece will be challenging, we hope you make the most of this opportunity to reflect on the potential value that you may bring to finance, and that extend well beyond your ability to follow simple recipes (models) that often reflect an oversimplified view of the real world. The impact of AI on the field of finance..

In writing your reflective pieces, we ask you to recall the SEAN acronym:

  1. STRUCTURE/STRATEGY – make sure you adopt a structure/format that best conveys your opinion. Some pieces might require a different structure/format depending on the path you take.
  2. EMOTION – make your writing personal – be emotive and show your passion. At the end of the day, it is your (exciting) opinion;
  3. ARGUMENT – What makes your opinion trustworthy? Make sure that your opinion reflects a justified true belief – if you haven’t fully convinced us that your opinion is worthy of attention, then you may not have finished writing. It might help to get someone else to read your piece early on; The impact of AI on the field of finance..
  4. NARRATIVE – What is your story? Present your opinion piece as a written account of connected events.

A document with exemplars is available on Blackboard (note that they are on different topics, so you cannot copy them). You are also encouraged to see QUT Business School’s blog: http://blog.bus.qut.edu.au/incite/

In addition, you might want to check out the following resources on writing a reflective/opinion piece:

or … simply put “how to write a reflective piece” into Google and you will find lots of helpful tips.

 

 

 

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