The Spread of Artificial Intelligence and Its Impact on Employment: Evidence from the Banking and Accounting Sectors

Bernardo Batiz-Lazo, Leonidas Efthymiou*, Kyra Davies

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

7 Citations (Scopus)

Abstract

This chapter explores the diffusion of Artificial Intelligence (AI) and its impact on employment in two sectors, namely accounting and banking. The first study adopts a conceptual approach. The analysis examines AI’s possible advantages and risks on the accounting profession’s supply of labour. The results underline the need for hybrid adaptation, where accountants learn to adopt AI as a group rather than individually. In the second study, the analysis explores the use of AI in the recruitment and selection of personnel in the Cypriot banking sector. The research draws on findings collected through online interviews with Human Resource managers, where none of the five banks participating in the study use AI in their recruitment process. Respondents attributed this lacuna to the traditional and casual approaches to downsizing, restructuring, technical challenges, and ethical considerations. Evidence emerging from these studies enables us to compare and contrast the narrative around AI (accounting) with its actual impact (banking).

Original languageEnglish
Title of host publicationBusiness Advancement through Technology Volume II
Subtitle of host publicationThe Changing Landscape of Industry and Employment
EditorsAlkis Thrassou, Demetris Vrontis, Leonidas Efthymiou, Yaakov Weber, S. M. Riad Shams, Evangelos Tsoukatos
Place of PublicationCham, Switzerland
PublisherPalgrave Macmillan
Chapter7
Pages135-155
Number of pages21
VolumeII
ISBN (Electronic)9783031077654
ISBN (Print)9783031077647
DOIs
Publication statusPublished - 2022

Publication series

NamePalgrave Studies of Cross-Disciplinary Business Research, in Association with EuroMed Academy of Business
ISSN (Print)2523-8167
ISSN (Electronic)2523-8175

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