UK Financial Leaders Embrace Revolutionary AI Potential for Boosting Productivity, Creating Skilled Jobs
Artificial intelligence (AI) is set to revolutionize the financial services sector in the UK, according to a survey conducted by Lloyds Bank. The study found that 80% of financial leaders believe advancements in AI will bring significant changes to the country’s economy, primarily through increased productivity.
While there are concerns about job losses due to AI, with 52% and 51% of leaders believing that skilled and unskilled roles may become redundant, the survey also revealed that new skilled roles would be created, as stated by 45% of the respondents.
The research comes as industry experts gather at the Sibos conference in Toronto to discuss the impact of technology on the financial sector and the global economy. The conference aims to explore the enormous potential of AI and its implications for banks, asset management firms, insurers, and intermediaries.
A majority of sector leaders (56%) view AI as an opportunity for their business, while only 3% consider it a threat. The remaining 41% were either ambivalent or undecided about AI’s impact on their organizations.
Lloyds Bank’s survey also highlighted that 32% of financial services leaders are already investing in AI, with 10% planning to invest in the technology within the next three years. About a third of respondents are currently monitoring the advancements in AI, while 24% are not actively exploring AI investment.
Those investing in AI or planning to do so expect to benefit from improved productivity (79%) and enhanced client experiences (75%). Additionally, nearly two-thirds (63%) anticipate gaining greater insights into their customers by leveraging AI technology.
Lisa Francis, the Managing Director of Institutional at Lloyds Bank Corporate and Institutional Banking, emphasized the importance of effectively utilizing AI to maintain the UK’s position as a global leader in technological innovation within the financial services industry.
In conclusion, the survey demonstrates that UK financial leaders are embracing the potential of AI to transform the sector. While concerns about job losses exist, the majority believe that new skilled roles will be created, leading to increased productivity and improved customer experiences. The research underscores the need for continuous investment in AI to stay at the forefront of technological innovation in the global financial services landscape.