Last week, I had the opportunity to participate in not just one, but two interesting panel discussions.
The first, titled “Fintech Futures: Fintech Careers Explained”, shed light on the Fintech landscape. This was further discussed in my recent blog post, “TechFin or FinTech?”.
The second discussion, “SMU IndustryCONNECT: A New Paradigm - Utilizing AI in Investments,” opened up exciting conversations about the integration of AI in finance.
Here, I want to explore the notion of AIFin.
In this age of AI, AIFin is the new fintech company where AI could be used to revolutionize finance and the job market as well.
Here are some of the insights:
Adaptability
AI Agents
AI ‘Uno’ Unicorn
Adaptability
Our work roles have evolved dramatically.
A long time ago, we were all farmers. Then, a hundred years ago, we were all factory workers. Today, we are all service workers.
In the future, we could all be AI workers (eg prompt engineers).
Hence, it is crucial to remain adaptable and be relevant to the landscape of our times.
This is especially so given that we are in the midst of an AI revolution that began in the 2020s, and this is primarily driven by three main factors:
Massive data availability
Cheaper cost of computing
More advanced algorithms
To thrive in this era, job seekers should embrace AI skills. In Singapore, initiatives like SkillsFuture provide avenues for individuals to learn AI through government-supported courses.
Furthermore, there exists a plethora of AI tools (even I am struggling to keep up with the speed of innovation). Job seekers should explore these tools to augment their capabilities, striving to become better, faster, and cheaper.
AI Agents
As AI grows rapidly, we may soon see multi-AI agent systems shaping our future. Imagine a scenario where instead of one AI doing everything, a team of specialized AIs works together, each focusing on its part of the job.
This strategy, similar to how factories operate, ensures tasks are handled efficiently and waste is minimized. Such progression could influence jobs in two significant ways.
Firstly, it may lead to increased specialization among workers and AI tools, with each individual focusing on a specific task within a multi-AI agent system. This shift would require workers to acquire niche skills and excel in their specialized areas.
Secondly, there may arise new job opportunities for professionals skilled in managing these multi-AI agent systems. These roles would involve overseeing the operation and enhancement of AI-driven processes.
In other words, workers must embrace specialization and collaboration to harness the full potential of multi-AI agent systems.
AI Uno Unicorn
With AI on the rise, successful companies are likely to have smaller and smaller workforces.
This could give rise to what I call Uno Unicorn: a one-person, billion-dollar company.
This could be a possibility in the future, given the boost in productivity coming from AI. Even OpenAI CEO Sam Altman is making a bet with his friends on which year there will be a one-person one-billion company.
While it might sound far-fetched, history shows it is possible. Instagram had just 13 employees when it was bought for $1 billion, and WhatsApp had only 55 when it was acquired for $19 billion.
Furthermore, looking at the productivity trend for S&P500 companies, it is now down to just two workers to generate $1 million in revenue compared to seven workers in the 1990s.
All these point towards a small and highly efficient workforce, and possibly an AI Uno Unicorn in the future.
Wrapping up, I am reminded of my earlier reflection where I envisioned myself as more of a "Chief Innovation Officer" rather than just a "Chief Investment Officer" in my role as a CIO.
However, with the rise of AI, it is clear that innovation alone is not sufficient.
My role must evolve further to encompass a new dimension – that of the "Chief Intelligence Officer" where I need to use AI in managing investments.
This is intelligence at its finest!