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Gen AI takes over finance: The leading applications and their challenges
It's important to note that while some roles are experiencing significant gen AI impact already, others remain largely unaffected due to the complex nature of their work, the need for human judgment, or the importance of personal relationships in their functions.
They’re paid like professional athletes – I would say the average comp is probably $1M a year total, but a top-ranked analyst would be doing closer to $4-8M a year.” As a result, “They don’t want anyone else to somehow take their spot.” This reluctance to share information creates a significant barrier to training effective AI models in this domain. These roles and areas typically require advanced human skills such as complex decision-making, emotional intelligence, ethical judgment and the ability to navigate ambiguous situations – capabilities that current generative AI technology has not yet mastered. Functional AreaReason for Low ImpactAccount Management/Executive Relies on relationship building, understanding client needs, and strategic problem-solving Executive Leadership Requires strategic vision, decision-making, and stakeholder management Ethics and Corporate Governance Involves complex ethical considerations and human judgment Strategic Partnerships Based on relationship building and complex negotiations Crisis Management Requires rapid, nuanced decision-making in unpredictable situations Organizational Change Management Needs understanding of human psychology and organizational dynamics Corporate Strategy Involves complex analysis of market trends and competitive landscapes Investor Relations (high-level) Requires nuanced communication and relationship management Board Relations Based on interpersonal skills and strategic guidance Mentorship and Leadership Development Relies on personal experience and interpersonal skills Complex Problem Solving Needs creative thinking and ability to navigate ambiguityAs we’ve explored throughout this analysis, generative AI is poised to fundamentally reshape the finance industry.
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