According to data from Forbes, 64% of companies believe that artificial intelligence can increase efficiency. However, many employees are concerned that the widespread use of artificial intelligence may reduce current job opportunities. Morgan Stanley CEO and Chairman of the Board Ted Pick sees artificial intelligence as a useful tool to overcome routine tasks. Nasdaq CEO Adena Friedman also states that one of the biggest advantages of artificial intelligence is taking over tedious or repetitive tasks.

Artificial intelligence has become an important technological tool that many companies are considering using in the coming years. According to Forbes data, 64% of companies believe that artificial intelligence can increase efficiency. However, many workers are worried that the proliferation of artificial intelligence may reduce existing job opportunities. Ted Pick from Morgan Stanley emphasizes that “Artificial intelligence cannot replace the human element.” He considers artificial intelligence as a useful tool for overcoming routine tasks, such as facilitating repetitive tasks like note-taking. Nevertheless, he underlines that the human factor, which is the primary pillar of the business world, will not change: “Yes, artificial intelligence is quite important. It provides great efficiency in cost structure and brings innovation to the infrastructure. You no longer have to write notes yourself, the system can prepare them for you. You can shorten a 20-hour note-taking process by 80%… [but] a human-based organizational approach is still needed. This will never change.”

Although artificial intelligence makes daily tasks easier and faster, Pick highlights that a significant part of his work is focused on relationship management: “We value diligence, humility, and collaboration. If you don’t have a long-term relationship with your customer, no one will be very impressed. When it comes to skipping small details, giving a wrong answer to a question, or making an incorrect recommendation, the most important thing is to correct the mistake and continue to focus on that customer over time.”

Adena Friedman from Nasdaq states, “People will delegate ‘boring’ tasks to artificial intelligence.” She also believes that one of the biggest advantages of artificial intelligence is taking over tedious or repetitive tasks: “Artificial intelligence can write those reports. You input the data, and artificial intelligence creates the report on your behalf. This means significant time savings. The same applies to other regulatory reporting as well. Technology can take over a significant portion of very boring and repetitive tasks.” Friedman also thinks that artificial intelligence can be extremely useful in providing individual investment portfolio recommendations or answering customer inquiries: “Artificial intelligence will continue to offer new and interesting methods of communication with investors. Making predictive decisions with algorithms is part of that.”

Economist Nouriel Roubini predicts, “Artificial intelligence will eventually destroy many jobs.” Known as the “Dr. Doom,” economist Nouriel Roubini paints a more pessimistic picture of the future of artificial intelligence in the business world. While many view artificial intelligence as an efficient tool that can alleviate routine tasks, Roubini believes that the rapid development of artificial intelligence will quickly render job opportunities insufficient: “There are two different views on this. One is that artificial intelligence will support current jobs, eliminating some but creating new ones. The other is the belief that in the long run, artificial intelligence will take over many jobs, leaving insufficient work available. In my opinion, it will eventually be understood that the second view is correct.” Roubini points out that with the “groundbreaking integration” of software and hardware, artificial intelligence could easily replace both blue-collar and white-collar jobs. He says that especially when artificial intelligence’s learning capacity reaches a doctoral level of depth, this transformation will accelerate: “It’s a bit daunting but it will become true within the next one or two years. I believe this is an even bigger revolution than ‘generative artificial intelligence’.”