Machine Learning in Finance- Current Challenges and necessary skills for a Finance employee

Abstract

The main motivation for this research was to understand the main challenges that the automatization processes in finance has brought to the company and employees. To understand the prospects in the future of Finance department, the issues that employees are having now with automatization when fixed will complete the full process. This will change further the way the department work and new skills will be needed. One of the main focuses of this document is to understand how Machine learning has and will change the workplace and how machine learning will affect employees. Also, how they feel about the technology at the moment and help people to understand the importance of digital transformation within finance. To develop a better understanding of machine learning a comprehensive literature review was undertaken evaluating the change in technology and the role of machine learning. It outlined what skill set is important for employee’s going forward. Also, what are the current challenges for employees to adapt. Based on literature and compared to the findings, is possible to see how machine learning is becoming more present in the daily tasks of the Finance departments, reducing time, errors and risk, also the automation of process allows more time to work on value-added task. Overall employees are happy with the future of machine learning. However, they have some fears about the future and their jobs. But they believe that they need develop their skills to do not be left behind. Machine learning is very important for the finance department to automate processes and bring fast and good results for the company. To achieve the best of this technology, companies need working closely with employees.