Read Time: 4 Minutes

June 10, 2023

The AI industry is on fire.

Some stats that will blow your mind:

1. 54% of large Financial Service organizations have adopted AI use.

2. 77% of businesses are either using or exploring the use of AI.

3. AI has been responsible for nearly 4,000 job losses in May 2023 alone.

But it’s not until you break each of these down that you realize how quickly the AI industry is really growing:

1. 54% of large Financial Service organizations have adopted AI use.

According to a recent Forbes magazine article, AI is taking the financial service industry by storm:

• The AI financial technology market is expected to grow by 23.37% between 2020 and 2025.

• 54% of Financial Service organizations with more than 5,000 employees have adopted AI.

• 86% of Financial Services executives plan on increasing their AI-related investments through 2025.

These are impressive stats at face value.

But what’s 10x more impressive is 70% of all financial firms (big and small) are using AI to fine-tune credit scores, predict the market, and detect fraud.

Because of this mass adoption, 60% of banks have now begun shortening opening hours while speeding up the release of new digital features:

• Automated account creation (34%)

• Remote identification & verification (23%)

• Contactless payments (18%)

This is a huge signal of where things might be headed:

More features sooner, but a drawback on available working hours for employees.

2. 77% of businesses are either using or exploring the use of AI.

The last time an industry saw growth like this, was in 2007 when the iPhone was first released and internet accessibility was transformed. (Fun fact: The first iPhone didn’t include a front camera! It wasn’t until 3 years later that the selfie became a reality..)

Heck, according to my friend Zain Kahn, there were more than 2,500 new AI tools released in May alone.

Yeah, you could say AI is growing.

Recently, the CEO of Nvidia (provide the software drivers for AI) said that every business needed to learn to use AI in some form to stay relevant.

AI adoption won’t be just the new norm, but the new necessity.

3. AI has been responsible for nearly 4,000 job losses in May 2023 alone.

As if the above wasn’t impressive enough, this stat is just mind-boggling:

To give you a sense of how big that is, that’s 1,000 jobs each week. Or 133 jobs each day. Or 5.5 jobs every hour.

Just to put things in perspective.

Now, I’m not sharing this to scare anyone but rather to give you an option:

Option 1, “AI-proof” your career by:

• Taking free AI courses (Click here)

• Finding one new AI tool to use each day

• Teaching those around you what you learn

Option 2, Hope & Pray Method:

• Hope that your job won’t be replaced by AI

• Be at the mercy of new AI-educated job seekers

• Actively being outperformed by those using AI.

Option 1 seems like a better choice to me.

Start building a stack of AI learning lessons for yourself. Become the go-to AI person in your office/business/community.

AI-proof your career. I promise you won’t regret it.

Final Prediction

My guess is that AI is going to eventually overtake the job world the same way the iPhone overtook the cellphone market.

And at this rate, that will probably happen in the next 2 years.

It’s up to you to decide how you react.

Are you going with Option 1 or Option 2?

That’s it for this weekend.

I’ll see you next week.