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Navigating the waters of AI: Financial professionals’ journey of transformation
Thanks to AI, tax consultants now offer clients precision-tailored advice that ensures compliance with tax laws while optimizing their financial positions.
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Tax tech: An employee with the Banda Aceh Financial Management Agency shows on Oct. 10, 2023 a payments mobile app for regional taxes and duties. (Antara/Irwansyah Putra)
Artificial intelligence (AI) has ushered in a wave of transformation across various industries, and the financial sector is no exception. Financial professionals, including public accountants, appraisers, actuaries, tax consultants and financial planners, are witnessing significant shifts in their roles due to the integration of AI technologies.
Whilst there are advantages arising from the influence of AI on the work of financial professionals mentioned above, we cannot ignore the potential negative impacts that accompany it. Strategies to mitigate the negative effects of AI’s evolving presence in the financial field need also to be considered.
Picture the world of public accountants, where precision and integrity are paramount. AI has disrupted this realm by automating mundane tasks such as data collection and pattern recognition. With AI-powered audit tools, auditors navigate financial datasets with unparalleled precision, reducing the risk of human errors. This newfound efficiency allows auditors to ascend to higher altitudes of interpretation, offering clients insightful strategies and a deeper understanding of their financial landscapes.
Amid these winds of change, however, the horizon is not without its clouds. Young auditors may find themselves grappling with the prospect of job displacement as AI steps into their shoes.
Appraisers, tasked with valuing assets from real estate properties to business entities, have found an invaluable ally in AI. These digital tools can analyze vast datasets, track market trends and comb through historical records to provide precise valuations. Appraisers use AI as a powerful instrument, enriching their decision-making process and elevating the quality of their appraisals.
Yet, there is a shadow to this newfound light. Less specialized appraisers may find themselves at risk of job displacement as AI asserts its dominance.
The benefit of AI to the actuary profession lies in its ability to enhance data analysis and risk assessment. AI-driven algorithms can process a vast amount of data quickly, providing actuaries with valuable insight and predictive modeling capabilities to make more accurate financial predictions.
