The topic of automation in financial services has become increasingly prevalent in IELTS Writing Task 2 examinations. Based on analysis of past test papers and how automation is transforming traditional industries, this theme appears in approximately 15% of technology-related questions. Let’s examine a recent task question that exemplifies this trend.
The Impact of Automation on Modern Financial Services Industry
Task Analysis
Some people believe that automation and artificial intelligence will eventually replace most human workers in the financial services industry. Others argue that human employees will always be essential in banking and finance. Discuss both views and give your opinion.
This question requires candidates to:
- Examine both perspectives on automation in financial services
- Provide relevant examples and evidence
- Present a clear personal stance
- Maintain a balanced discussion
Sample Essay 1 (Band 8.5)
Similar to how automation impacts banking employment trends, this essay examines the complex relationship between technological advancement and human workforce in finance.
The debate over whether artificial intelligence and automation will completely replace human workers in financial services is increasingly relevant in today’s digital age. While some argue that technological advancement will eliminate human roles, I believe that human expertise will remain indispensable despite significant automation.
Those who support complete automation argue that AI systems can process transactions more efficiently and accurately than humans. Machine learning algorithms can analyze vast amounts of data within seconds, detect fraud patterns, and make investment decisions based on complex market indicators. Additionally, automated customer service systems can handle routine inquiries 24/7, reducing the need for human staff.
However, the financial industry requires qualities that machines cannot fully replicate. Human judgment, emotional intelligence, and ethical decision-making are crucial in complex financial situations. For instance, when handling sensitive matters like mortgage applications or investment advice, clients often prefer face-to-face interactions with experienced professionals who can understand their unique circumstances and provide personalized guidance. Furthermore, humans are better equipped to navigate unprecedented situations and adapt to rapidly changing market conditions.
In my view, while automation will undoubtedly transform many aspects of financial services, it will complement rather than replace human workers. The future likely lies in a hybrid model where AI handles routine tasks while humans focus on strategic decision-making, relationship building, and complex problem-solving. This synergy between human expertise and technological capability will ultimately deliver the best outcomes for financial institutions and their clients.
Financial Professionals Working Alongside AI Systems in Modern Banking
Sample Essay 2 (Band 6.5)
The topic of how automation is influencing the service industry raises important questions about the future of employment in banking.
Many people think that computers and AI will take over all jobs in banks and finance companies. This is because machines are faster and don’t make mistakes like humans. They can work all day without getting tired and can process many transactions at the same time. Also, online banking apps make it easy for customers to do things without going to the bank.
But other people say humans are still important in banking. Some customers, especially old people, want to talk to real people when they have problems. Also, humans can understand complex situations better than computers. For example, when someone wants to get a loan, a human banker can understand their special situation better than a computer.
I think both machines and humans will be important in the future. Banks will use more computers for simple jobs, but they will still need humans for difficult tasks and helping customers. This is because some things need human understanding and emotion that machines don’t have.
Score Analysis
Band 8.5 Essay:
- Task Response (9): Comprehensive coverage with clear position
- Coherence/Cohesion (8): Logical flow with effective paragraphing
- Lexical Resource (8): Sophisticated vocabulary use
- Grammar (9): Complex structures with full flexibility
Band 6.5 Essay:
- Task Response (6): Basic coverage with simple examples
- Coherence/Cohesion (7): Clear organization but simple linking
- Lexical Resource (6): Limited but adequate vocabulary
- Grammar (7): Mix of simple and complex structures
Key Vocabulary
- Artificial Intelligence (n) /ˌɑːtɪˈfɪʃəl ɪnˈtelɪdʒəns/: computer systems capable of performing tasks that normally require human intelligence
- Automation (n) /ˌɔːtəˈmeɪʃən/: use of automatic equipment and machines to do work
- Indispensable (adj) /ˌɪndɪˈspensəbl/: absolutely necessary
- Algorithm (n) /ˈælɡərɪðəm/: a process or set of rules followed in calculations or problem-solving
- Synergy (n) /ˈsɪnədʒi/: interaction of elements that produces greater combined effect
Consider practicing with this related topic: should working hours be reduced globally as automation continues to advance. Share your practice essays in the comments for feedback and discussion.
