According to a survey, three-quarters of current financial services executives are expected to be replaced by generative artificial intelligence (GenAI).
A report from FintechOS on Generative artificial intelligence, which is polarizing the financial services industry, reveals that 73% of executives believe GenAI will “eventually” take over their work. This insight was derived from polling approximately 500 executives at major banks and insurance companies.
The FintechOS survey indicates that 57% of respondents anticipate a 30% reduction in the workforce of financial services companies over the next three years due to GenAI. Additionally, there is a balanced perspective among professionals who see generative AI as either an ally or a foe.
While opinions within the financial services sector vary widely, Teodor Blidarus, CEO of FintechOS, expressed both excitement and concern about GenAI in the industry. He highlighted the expectation that AI advancements will boost revenues but also lead to workforce transformations and job displacements.
The study also reveals that half of the largest banking institutions are currently investing in and leveraging GenAI technologies. For instance, NatWest Bank in the UK recently announced a collaboration with IBM to enhance the capabilities of its virtual assistant using GenAI.
NatWest’s online assistant, Cora, will leverage GenAI technology to enhance customer interactions and provide more detailed information. By integrating Cora+ into its customer service offerings, NatWest is harnessing IBM’s data system and Watson AI technology.
Over 40% of leaders in the banking and financial sector foresee GenAI, deep learning, and machine learning playing a significant role in delivering economic benefits over the next three decades, according to recent research from IBM’s Institute for Business Value.
Beyond the financial realm, enthusiasm for the potential of GenAI is widespread. A study by Accenture, titled “When particles meet parts: the foundations of our fresh reality,” surveyed nearly 5,000 senior executives worldwide earlier this year. The study indicates that 98% of senior executives believe AI will drive substantial creativity and innovation, while 95% anticipate a new era of business intelligence.
Paul Daugherty, the Chief Technology Officer at Accenture, emphasized the need for leaders to embrace GenAI today to realize its full potential. He highlighted that significant investments in data, talent, and tailored models are essential to meet each organization’s unique requirements.
