The AI takeover panic and what it means for future finance jobs with Ashish Agarwal

There was a time earlier this year when people were anxious that they would lose their jobs to machines after generative artificial intelligence (AI) like OpenAI’s ChatGPT and text-to-image generator Midjourney showed what this latest technology can do. From writers to artists and software engineers to office administrators, everyone expressed their fears that soon, their jobs will be obsolete because AI can do what they do.

In a Crop Chronicles podcast episode, Jiva Indonesia’s Chief Finance Officer, Ashish Agarwal , agreed that AI can do human jobs. Amongst all fields, finance will be one of the most impacted, with several roles that could potentially be obsolete. So, should finance talents be freaking out right now? Not exactly.

Our podcast host, Nea Ningtyas , asked Ashish what he thought of the AI takeover panic, what it means for the finance field, what finance talents should do to stay relevant, and what he envisions for the future of human-AI dynamic in the finance industry.

This article shows a glimpse into the episode, edited for length and clarity, which we hope you can enjoy in a different medium you might prefer. If you’d like to listen, find the uncut conversation on Spotify, Apple Podcast, YouTube, or wherever you get your podcast.

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We had a conversation that led to this podcast; which is about the future of finance jobs in the age of artificial intelligence.

So I remember during this conversation you said that finance will be among the most impacted fields by the adoption of AI and that there will be less job opportunities due to jobs lost to automation Can you please elaborate on this? How do you envision the role of AI in the finance industry in the coming years?

So, when we had this initial discussion, we’re not directed towards jobs being lost, but how AI will change the way finance is perceived over the last century. [As we know it] finance is about day-to-day operations, where people are more involved in data entries and reconciliations.

As we grow and evolve technologically, the role of finance will change along with it.

The base level roles, for example, data entries, specialists in reconciliations, tellers, auditors; these roles will transform, and they might not even exist after five, 10 to 15 years. So, people working in these roles will have to change and to adapt to these new technologies which are there at the forefront and ensure that they are leading the change.

In the future… Nothing can replace finance. Finance will always be there. It is like the heart of any company, right? We make sure that it keeps on working.

So people will be there in finance, the only thing is that the profiles will change. The traditional profiles will no longer be relevant. People have to change their skill sets to adapt to the new roles which are coming up in finance.

For example, at Jiva, we are growing multifold every year, but we are able to support the growth of the business with almost the same number of people that we had last year.

How many is that?

Currently we have 16 [finance] people in Jiva. So we are helping to grow the business with the same number of people that we’ve always had. And we are ensuring that we are using technology in every possible way, in every possible flow, by which we can leverage human effectiveness and make sure that we make a system which is able to help not only finance but also the business to grow exponentially. Because at the end of the day we do not want finance to be a blocker in growth of the business.

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What are the job roles that lead this transformation? Like, do you have a specific kind of person who leads this technological transformation in the finance team? And if there is, what is this role?

Yes, we have carved out a separate role in finance, and this person’s specific role is to transform the function of finance digitally. This person understands all the existing flows within the finance team and tries to understand their pain points, and then works out the most viable solution through the use of technology. Right? And that has helped us make the life of the finance team easier. At the same time, the existing finance team can focus more on a much more productive work, or more on data analytics.

What is the role called again?

Finance transformation specialist.

This is the first time I’ve heard about it. So is it like a coming role in the industry or other companies or is this something that you have led?

No, it is not a common role. I’ve been talking to so many CFOs who are struggling… They know that they have to transform or they have to change or adapt to the new technology, but do not know how or where to start from. So with that part of this game, I thought, let’s create a function, because if we have a separate person leading this, definitely the change will happen, rather than all of us trying to do it at the same time, it might not happen.

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So you mentioned some job functions that you envision will become obsolete or maybe significantly reduced in demand, such as data entry and reconciliation specialists or bank tellers. Obviously lots of people are working these jobs now.

When we talk about AI taking over industries or replacing humans at their jobs, it’s creating a lot of anxieties like, what am I going to do next? So what do you think are the myths about AI taking over finance jobs, that finance talents should not be worried about? What’s the reality of what I can’t do and what jobs within finance that are safe?

I believe we should not be worried about AI replacing us. At the end of the day, the human brain, we can never replace it. AI can help us automate, it can help give us analytics. But to draw conclusions out of it, or to drive the strategy for the business, it’s human beings who will lead. AI can never tell us what a company should do in the next 12 months, right?

So, in my view AI will definitely replace [some jobs], but it will never it can never replace humans. It will replace the low level jobs but senior level jobs will continue to be there in finance, in any organisation, because there should always be people to drive conclusions out of what you got.

I think people should not believe this myth that people will be replaced. People will never be replaced. It’s just that people have to change their mindset to be more open to new ideas, to ensure that they also use technology.

What is your advice to finance talents out there, currently working in the finance finance field? What are the key skills or like areas of expertise that finance professionals should focus on developing now to remain competitive in the age of AI?

I think the first and foremost thing is to keep their eyes and ears open around what is happening in finance. Because I think the noise is too much that people are not able to understand or to judge what is the right fit for them. Because if you think that you can adopt everything going around, we are fooling ourselves. You cannot adopt everything.

So first of all, you have to analyse your current business, and then based on that, you have to analyse, which are the areas where you have to work on, where you can automate, and then accordingly look for the solutions by either learning yourself or by getting some professional help on that. That should be the first step for any person who wants to ride on this journey. That will help solve half of his or her problems.

Because without analysing your current set of processes or problems, you will never know where we need the solutions for. There are currently solutions for any kind of problem that we have, but nobody can have all the solutions. It will need to be customised.

So you need to know the process controls that you have in your current organisation and then accordingly work towards it and take it step by step because AI is here to stay; it will be there for the coming centuries. And everyone has a lot of time. So start learning about AI; start learning about the various tools which are available across.

There are not so many available over the counter. You don’t even have to invent it or make it on your own. Just over the counter, see if it fits you and your needs and start from there.

What do you hope will be the ideal scenarios in the finance jobs ecosystem in which humans and AI coexist?

I think for us to coexist, it is the [enabling] ecosystem that has to be available. Otherwise, there will be friction. When machines initially started, it was getting friction from manual labourers, but currently they coexist. So humans can work the machines, right? So, in the future AI will coexist with humans. There will be an issue of friction, for sure, as it is always whenever a new technology is introduced, but it will be existing in a very peaceful way, and I think it can be put to use very effectively.

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