Executives at leading UK financial institutions are hailing the potential of the next generation of artificial intelligence (AI). Four in five (80%) financial services sector leaders believe advancements in AI will lead to significant changes to the UK economy, including through increased productivity (66%).
Although half of sector leaders believe some skilled and unskilled roles may become redundant as a result of advancements in AI, a similar proportion said that new skilled roles would be created.
The findings come as the global financial services industry gathers at the Sibos conference in Toronto to discuss the impact of new technology on the sector and the global economy.
The findings come as the global financial services industry gathers at the Sibos conference in Toronto to discuss the impact of new technology on the sector and the global economy.
Sector leaders were also asked whether they viewed AI as an opportunity or a threat to their business. More than half (56%) said they saw opportunity, while 41% were either ambivalent or undecided. Only 3% see the technology as a threat.
The findings are included in Lloyds Bank’s eighth annual Financial Institutions Sentiment Survey which gathers the views of major banks, asset and wealth management firms, financial sponsors, insurers and intermediaries.
Investment in AI is inbound
Lisa Francis, Managing Director, Institutional at Lloyds Bank Corporate and Institutional Banking, said: “The financial services industry is alive to AI’s potential to change how we live and work and it’s encouraging that most sector leaders see opportunities for their businesses as the technology develops. Leveraging AI effectively is essential to keep the UK financial services industry at the forefront of technological innovation globally.”
A third (32%) of financial services leaders said their businesses are already investing in AI. One in ten (10%) have plans to invest in AI in the next three years, a third (34%) are monitoring the technology and a quarter (24%) currently are not looking at AI investment.
Of those investing or planning to invest in AI, more than three quarters are expecting to secure improved productivity (79%) or better client experiences (75%) through the use of the technology. Almost two thirds (63%) expect to be able to access greater insights on their customers.
