AI & Automation in Finance: Disruption or Opportunity?

Author Bahiyah Shabazz

As artificial intelligence transforms finance, questions emerge about equity, access, and whether the future of money includes everyone or just the already advantaged.

Artificial intelligence and automation are transforming the finance industry at a rapid pace, reshaping how we invest, budget, and bank. As financial institutions integrate AI into their core functions, they’re unlocking new efficiencies and insights. Yet alongside innovation comes growing concern: Is AI creating opportunity across the board, or does it risk reinforcing existing inequities, particularly for underrepresented professionals in finance?

According to a recent Business Insider report, nearly half of all banking tasks could be “redefined” by 2030, including 55% of engineering, 47% of banking operations, and 42% of wealth management tasks. Automation is already streamlining risk analysis, fraud detection, client onboarding, and algorithmic trading. These shifts are not just about cutting costs, they’re about enhancing speed, scale, and predictive power in decision-making. However, mid-tier white-collar roles, where many women and people of color are employed, are among the most vulnerable to displacement.

The story becomes more complicated when we look at who benefits from AI adoption. Data from Pillsbury Law indicates that Black and Hispanic professionals are disproportionately represented in job categories with high exposure to automation, while being underrepresented in lower-risk, higher-growth roles like AI development, analytics, or executive decision-making. A 2023 St. Thomas University study further reveals that 79% of jobs with high automation risk are held by women, compared to 66% for men, highlighting a potential gender imbalance in the AI-driven reshaping of finance.

Meanwhile, the impact of AI on financial services is not always equitable for consumers, either. Algorithmic bias in credit models has been shown to disadvantage minority and female applicants even when they have strong financial profiles. In insurance, hyper-personalized pricing powered by AI has led to scenarios where some demographics are classified as too high-risk to insure. The UK'sFinancial Conduct Authority (FCA) recently warned that algorithmic discrimination could make financial services inaccessible to many, calling for stricter oversight of AI applications in lending and underwriting.

Despite these concerns, AI also holds promise for financial inclusion. Organizations like the Consultative Group to Assist the Poor (CGAP) have highlighted how AI can identify creditworthy borrowers with thin credit histories, especially in underserved communities. By leveraging alternative data sources such as mobile payments, social media behavior, or utility payments, AI can help financial institutions extend services to consumers previously excluded from the formal economy.

For this promise to be realized, the financial industry must address the structural inequities that persist within AI itself. Diversityin AI development teams remains low, leading to blind spots in data training and model interpretation. A 2023 report by Capgemini stresses that diverse teams not only produce more ethical AI systems but also drive stronger financial performance. Organizations like Black in AI, Women in Data Science, and Latinas in Tech are actively working to close these representation gaps, advocating for inclusive practices in hiring, mentorship, and algorithm design.

Transparency and accountability in AI tools are also essential. The European Union’s AI Act and growing U.S. regulatory proposals call for "explainable AI" algorithms whose decisions can be audited and understood. In finance, this is particularly critical when it comes to credit decisions, insurance pricing, or automated investment advice. As Reutersrecently noted, while AI can accelerate environmental, social, and governance (ESG) investing, human oversight remains vital to ensure ethical interpretation and impact measurement.

Ultimately, AI is not inherently disruptive or beneficial, it is an amplifier. Left unchecked, it will mirror and magnify existing systemic biases. But with intentional investment in equity, education, and ethical design, it can become a powerful tool for advancing inclusion and reshaping finance for the better. For underrepresented professionals in finance, the future will depend not just on surviving AI disruption, but on shaping the systems that drive it.

Follow Bahiyah Shabazz, MBA on LinkedIn.