The finance industry has always been a cornerstone of the global economy. However, like many sectors, it’s undergoing a radical transformation driven by automation, artificial intelligence (AI), blockchain technology, and evolving consumer expectations. While this transformation opens doors to new roles and opportunities, it also means that some traditional finance jobs are at risk of becoming obsolete.
Here are 30 finance roles that are poised to disappear or significantly evolve in the coming years.
1. Bank Teller
Bank tellers are being replaced by ATMs, mobile banking, and digital payment systems. With the rise of online and mobile banking, customers can perform most transactions from the comfort of their homes, eliminating the need for physical teller positions.
2. Data Entry Clerks
Many finance tasks that once required manual data entry can now be handled by AI and machine learning tools. These technologies can process data faster, more accurately, and without human intervention, making traditional data entry roles unnecessary.
3. Tax Preparers
AI-driven software like TurboTax and others are automating the tax preparation process. While complex tax situations may still require human intervention, many individuals and businesses are opting for digital solutions that streamline the process.
4. Loan Officers
Many aspects of loan underwriting, such as credit scoring and risk assessment, can be automated with AI. As a result, the traditional role of loan officers will likely be reduced, with more reliance on algorithms to make lending decisions.
5. Financial Analysts
While financial analysts will still play a critical role, many of the manual tasks involved in analyzing market trends, generating reports, and making forecasts are increasingly being automated through AI and machine learning systems.
6. Investment Brokers
Roboadvisors, powered by AI, are rapidly taking over roles traditionally performed by investment brokers. These automated platforms can create personalized portfolios based on user preferences and market data, with much lower fees than human brokers.
7. Bookkeepers
Cloud-based accounting software and automation tools can now handle most of the tasks previously managed by bookkeepers, such as tracking expenses, reconciling accounts, and generating financial statements.
8. Accounts Payable/Receivable Clerks
Software solutions are increasingly handling invoicing, payments, and collections. These platforms can automatically match invoices with purchase orders, track payments, and manage accounts, reducing the need for human oversight.
9. Payroll Administrators
Automated payroll systems can calculate employee wages, tax withholdings, and benefits deductions, reducing the need for payroll administrators. These systems can also handle compliance with changing tax laws and reporting requirements.
10. Insurance Underwriters
AI and machine learning models can analyze large amounts of data and make decisions about underwriting insurance policies faster and more accurately than human underwriters. As these systems become more advanced, they are likely to replace traditional underwriting roles.
11. Financial Controllers
Many financial control tasks—such as budgeting, forecasting, and financial reporting—are being automated. With cloud-based software, these processes can be handled more efficiently, reducing the need for human financial controllers.
12. Risk Managers
AI-driven tools can now analyze and predict financial risks, such as credit risk, market risk, and operational risk, with a level of accuracy that is hard to match by human risk managers. These systems can process vast amounts of data and adapt in real time, reducing the need for human intervention.
13. Compliance Officers
Compliance monitoring and reporting are becoming increasingly automated with AI tools that can track regulations, assess risk, and identify potential violations. As these systems evolve, compliance officers may see their role shift to more of an oversight function.
14. Financial Advisors (Traditional)
Traditional financial advisors are being replaced by robo-advisors, which offer low-cost, automated investment advice based on algorithms. While human advisors may still be needed for complex cases, the demand for traditional financial advisors is on the decline.
15. Treasury Analysts
Treasury management software is making it easier to monitor cash flow, manage debt, and forecast financial needs. As these tools become more sophisticated, the need for manual treasury analysts will diminish.
16. Mortgage Brokers
Online mortgage platforms are enabling consumers to directly compare and secure loans without the need for a traditional mortgage broker. These platforms streamline the application process and offer more competitive rates, reducing the demand for intermediaries.
17. Currency Traders
With the rise of algorithmic trading and machine learning, currency trading is increasingly being handled by bots. These systems can process vast amounts of data and execute trades at lightning speed, eliminating the need for human currency traders.
18. Securities Traders
High-frequency trading (HFT) and algorithmic trading are disrupting traditional securities trading. These automated systems can outperform human traders by executing trades faster and based on sophisticated algorithms, putting traditional traders at risk.
19. Internal Auditors
Automated auditing tools are making it easier to assess financial statements and internal controls. These systems can scan records for discrepancies and ensure compliance with regulations, reducing the need for human internal auditors.
20. Financial Planners
Financial planning software can now provide personalized financial advice based on a user’s financial goals, risk tolerance, and income. As these tools become more advanced, the role of traditional financial planners will be less in demand.
21. Customer Service Representatives (Banking/Finance)
Chatbots and AI-powered virtual assistants are increasingly handling customer service in the finance sector. These tools can answer customer inquiries, resolve issues, and provide support 24/7, reducing the need for human customer service representatives.
22. Corporate Finance Analysts
AI and automation are rapidly taking over corporate finance tasks, such as preparing financial forecasts, monitoring budgets, and conducting variance analysis. This will decrease the demand for human analysts in corporate finance departments.
23. Debt Collectors
AI tools are now capable of automating debt collection by sending reminders, negotiating payment plans, and processing payments. This reduces the need for traditional debt collectors, especially for smaller debts.
24. Credit Analysts
Credit assessments that once required human analysts can now be performed by AI algorithms that analyze a variety of data sources to assess creditworthiness and make lending decisions more efficiently.
25. Actuaries
While actuaries who work on complex risk assessments may still be in demand, many actuarial tasks—such as risk modeling and pricing—are increasingly being automated with sophisticated software.
26. Financial Report Writers
Automated reporting tools now generate financial reports, including income statements, balance sheets, and cash flow statements, eliminating the need for manual report writers in many cases.
27. Reconciliation Clerks
Automated reconciliation tools can match transactions, identify discrepancies, and generate reports without the need for human intervention. As these tools improve, the need for reconciliation clerks will decrease.
28. Audit Associates
Audit firms are adopting AI-driven tools to help with data analysis, pattern recognition, and fraud detection. These technologies can process large datasets quickly, reducing the need for entry-level audit associates.
29. Fraud Analysts
AI systems are becoming increasingly adept at identifying fraudulent transactions and activities. These systems can detect patterns of behavior that indicate fraud, making traditional fraud analyst roles less essential.
30. Business Valuation Experts
AI and machine learning are rapidly advancing in the field of business valuation, making it possible to automate many aspects of the valuation process. Automated valuation models (AVMs) are already in use for real estate, and this trend is spreading to other industries.
While the advancement of technology poses a threat to many traditional finance roles, it also opens the door to new opportunities. The rise of AI, automation, and digital finance tools is reshaping the industry and creating demand for new types of jobs that require technical expertise, creativity, and strategic thinking. Finance professionals must adapt by upskilling, embracing technology, and focusing on roles that require a human touch, such as complex decision-making, strategic planning, and relationship management. The future of finance is evolving, and staying ahead of these changes will ensure success in the industry.