Almost 80 per cent of European financial services brace themselves for Generative AI impact
Following the EY European Financial Services AI Survey, 77 per cent of European financial services leaders expect Generative AI to significantly affect productivity and change roles – but many firms still lack plans to train their workforce.
Having taken place this October, the survey canvassed the views of executives from 60 European financial institutions, including listed firms representing an aggregate market cap of £507.7bn.
It found that 68 per cent of respondents anticipate that up to a quarter of all roles will require AI training or upskilling over the next six to 12 months, with 17 per cent believing it could be as much as half.
However, more than a third of respondents said they currently have no plans in place to train their workforce in new and rapidly evolving GenAI technologies, while a further 42 per cent described their plans as being “in their infancy”.
Taking a more focused approach, 12 per cent of leaders stated that they have training in place for targeted groups, and just 10 per cent reported having developed plans in use.
Only two per cent of respondents believe that their workforce is fully equipped to contribute end-to-end to building AI capabilities across their organisation.
This survey has been released prior to the UK government’s global summit on AI governance next week, scheduled for November 1 and 2.
Ayman Awada, EY EMEIA Financial Services Technology Consulting Leader, said: “Europe’s financial leaders are investing in AI technologies, targeting increased productivity, customer benefits and operational efficiencies.
“However, the challenge of enabling the workforce to realise and capitalise on potential gains requires in-depth, long-term planning, which is not yet in full force.”
When asked to consider the top concerns presented by GenAI integration, European financial services leaders were most likely to cite limited understanding and experience of GenAI applications and their impact across the workforce.
Omar Ali, EY EMEIA Financial Services Managing Partner, stated: “After more than three decades of major digital transformation across financial services, the rise of Generative AI is demanding yet another new set of skills for firms”.
When approaching potential ethical implications arising from GenAI integration, nearly a fifth of respondents claimed they have already put an AI ethics framework in place, with a further 30 per cent in the early stages of development.
However, 45 per cent of respondents stated their firm is yet to develop an AI ethics framework.