As a follow up to our exploration of how next generation AIs such as ChatGPT will change the financial services industry in the next five years, in Part Two we will examine how ever-improving generative AI will change financial services into the 2030s and beyond. The impact AI will have on the financial services industry in the long term is driven by two factors – the influence demographic shifts will have on consumer preferences and the rate the technology improves.
Demographics and the looming wealth transfer will accelerate AI adoption in financial services
As it stands today, Baby Boomers – who are generally less tech savvy and place a greater value on in-person interaction – control much of the world’s wealth. This situation will change in the long-term. For example, in America, $84 trillion of wealth is expected to be passed down from older Americans to millennial and Gen X heirs through 2045, with $16 trillion transferred by 2033.
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