Welcome to the AI edition of Fintech Nexus (soon-to-be Future Nexus — stay tuned).
At Web Summit Vancouver this week, the buzz is not just about what we can build with AI, but also what we should. It’s a timely conversation as we consider, What are we willing to lose?
For the most part, we’ve heard crickets from execs on the elephant in the room: what AI means for jobs.
Recently, however, in one of the clearest and most candid admissions, Anthropic CEO Dario Amodei warned that AI could eliminate up to 50% of entry-level white-collar positions within five years, pushing unemployment into double digits.
While Amodei signals the road ahead, others are already paving it.
Retool recently launched Agents, a build-your-own AI workforce platform designed to automate everything from customer service to middle management. Earlier this month, PayPal launched a Financial OS specifically for AI agents that buy, negotiate, and refund just as Visa unveiled its own product designed for transacting AI. And fintech startup Affiniti, fresh off a $17M Series A, is building AI CFOs for SMBs.
The strides are impressive—and especially useful for budget-constrained teams—but not every move toward automation is receiving applause. We’re already seeing backlash against CEO avatars (Otter, Zoom, Klarna) hosting calls, a reminder that not everyone is ready to swap humans for their simulated counterparts.
Companies should take heed of this double-edged sword. While AI agents can streamline operations and reduce costs, there’s a fine line between smart automation and sidelining people. Those that get the balance right will win both margins and trust.
The Editors
