AIF: Technological innovations will upgrade the financial – accounting space but with job losses

Technological innovations will upgrade the professions in the financial-accounting field, but will also cause job loss. Therefore, in order for the positive effects of technological innovations and artificial intelligence to overcome the negative effects on the labor market, it is necessary to modernize university education, as well as vocational training, to meet the new needs of digital professions in the labor market.

This was pointed out in the recent online presentation of the scientific study entitled “Fintech, 4th Industrial Revolution and prospects in the field of accounting, auditing and finance” of the Hellenic Chamber of Commerce (AIF).

The presentation of the study was attended by the President of the Economic Chamber of Greece, Konstantinos Kollias, the Emeritus Professor of the Department of International and European Studies of Panteion University, Panagiotis Roumeliotis, the Professor of the Adam Smith Business School of the University of Glasgow, George Associate Professor of the Department of Economics, Democritus University of Thrace, Ioannis Pragidis. The discussion was moderated by the journalist, Sofia Rodopoulou.

According to today’s announcement of the chamber, Mr. Kollias, underlined that this publication was supervised by a writing team, consisting of specialized professors from foreign and Greek universities, as well as experts in the field of auditing – accounting, as well as the financial sector. . He also referred to the effects and transformation that digital technologies and artificial intelligence will bring to both the services and goods sectors, significantly promoting the reorientation of the Greek economy towards a new productive model. The European Union (EU) Recovery Fund will play an important role, as it will promote the required investments in the context of the digital transition of our country in the fields of finance and auditing.

The speakers focused on the reorganizations, transformations and more generally on the challenges that will be caused by digital technologies and artificial intelligence in the financial – audit – accounting sector. As they pointed out, on the one hand, these technological innovations will upgrade the professions in the financial-accounting field. On the other hand, they will cause job losses. As Professor Panagiotis Roumeliotis pointed out, in order for the positive effects of technological innovations and artificial intelligence to overcome the negative effects on the labor market, it is necessary to modernize university education, as well as vocational training, in order to meet the new needs in occupations in the labor market. Mr. Roumeliotis pointed out that the digital economy is growing rapidly and is beginning to transform and transform societies. The speed with which it has penetrated and is evolving, in all areas of economic and social activity, is impressive.

Professor George Panos spoke about the latest technological innovations that have created a large number of new technological applications in the financial markets. He presented an introductory academic view of the educational and academic context in financial technology based on a review of relevant skills gaps reported by companies, institutions and experts internationally, as well as examples from the first relevant international academic programs. financial technology. He referred to the possibilities and possible comparative advantages of the Greek university and technological educational institutions in terms of financial technology.

For his part, the associate professor, Ioannis Praggidis, pointed out that the 4th industrial revolution is characterized by the rapid development of technology in terms of computing power, analysis algorithms and the creation of big data. FinTech applications have already started to have a huge impact with the first positive results, such as the strengthening of competition between financial service companies for the benefit of consumers. However, along with the auspicious development prospects of FinTech come important challenges that we have to face. The impact on the labor market for specific sectors will be significant due to the strengthening of automated processes in decision making. Access to personal data leaves citizens exposed to malicious actions and increases the risk of manipulating their choices. Also, the complexity of developing and operating an algorithm can raise ethical issues. The role of the state and independent authorities in mitigating these effects can be important on the one hand by defining the general institutional framework and on the other by funding research and development for innovations that increase social prosperity.

Those interested can watch the discussion on the OEE channel on Youtube.

Source: AMPE