Timur Turlov, the founder and key shareholder of Freedom Holding, shared his vision on how Artificial Intelligence (AI) in the financial system can affect the employment rate. During the XI Congress of Financiers of Kazakhstan, he said that humankind shouldn’t be afraid of new technologies because the more technologies are introduced, the more employees would be required. The quality of labor is also expected to increase.
«The more technologies we embrace, the more employees we have. This is a kind of funny situation because we see that our staff is growing while are trying to improve our operational efficacy. And the more effort you put into the automation of your business to make staff smaller, the more employees you have with the more automated business. From this point of view, I have no worries about the future of humankind. I mean, the employment rate is going to be much higher after the current industrial revolution than before it,» Turlov said.
As he explained, over the past several years, global regulators have demanded the financial system to implement unusual tasks like financial control. As a result, the entire financial sector needs twice as many IT specialists as before.
«There are a lot of new functions our banks couldn’t even imagine 20 to 30 years ago. Financial services are becoming more and more diverse, fast and accurate. We are saving our time and time for our employees. We are getting rid of routine and boring labor. The character of labor itself is becoming more creative. Our work has become more complex, which is why we need more IT developers. I think their qualifications and productivity will be much better in the future. In the end, all interested parties are going to win,» Turlov highlighted.
During the congress, its participants discussed the ability of the financial sector to cope with cyber threats and the role of innovations in the global process of financial market transformation. They also talked about issues related to the monetary policy implementation in the current conditions, macroeconomic stability and fiscal discipline. In addition, those who attended the event were the first to see new banknotes of the tenge and witnessed the launch of the first stage of the Digital Tenge project.