Jump to content
  • Sign Up
  • Create New...

Three-quarters of finance executives expect generative AI to replace them

Pelican Press

Recommended Posts

Three-quarters of finance executives expect generative AI to replace them

Generative artificial intelligence (GenAI) is expected to take over the jobs of three-quarters of current financial services executives, according to a survey.

Following a survey of around 500 executives at major banks and insurance companies, FintechOS’s 

This is the hidden content, please
report revealed that 73% of executives believe
This is the hidden content, please
will “eventually” take over their jobs.

The survey revealed that 57% expect GenAI to lead to 30% reduction of financial services companies’ workforces over the next three years, as well as an even split of executives that consider generative AI a friend or foe, according to the FintechOS survey.

Teodor Blidarus, CEO at FintechOS, said there is both excitement and apprehension around GenAI in the financial services sector: “While opinions within the financial services industry are deeply divided, there is one common consensus: the expectation that generative AI will boost revenues but inevitably reshape the workforce and displace jobs.”

The survey found that half of the biggest finance firms are investing in and implementing GenAI already. In the ***, NatWest Bank recently announced it is working with IBM to use GenAI to extend the capabilities of its virtual assistant.

GenAI technology will be used by the bank’s virtual assistant, Cora, to enable it to offer more information to its customers through conversations with them. NatWest is tapping IBM’s data platform, as well as the IT giant’s Watson AI technology, to create Cora+ as part of its customer support.

According recent research from IBM’s Institute for Business Value, over 40% of banking and financial markets leaders expect GenAI, deep learning and machine learning to help deliver financial results over the next three years.

But the enthusiasm around the potential of GenAI goes way beyond the finance sector. A study from Accenture of nearly 5,000 senior executives across the globe earlier this year, 

This is the hidden content, please
, revealed that 98% of senior executives believe AI will spark significant creativity and innovation, and 95% said it will usher in a new era of enterprise intelligence.

When the study results were announced in March,

This is the hidden content, please
, group chief executive at Accenture Technology, said IT leaders need to act fast if they are to achieve what generative AI promises: “While generative AI will have a far-reaching impact, leaders must ***** in now to achieve its full promise, as it will require significant investments in data, people and customising foundation models to meet organisations’ unique needs.”

This is the hidden content, please

#Threequarters #finance #executives #expect #generative #replace

This is the hidden content, please

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 members

    • No registered users viewing this page.

Important Information

Privacy Notice: We utilize cookies to optimize your browsing experience and analyze website traffic. By consenting, you acknowledge and agree to our Cookie Policy, ensuring your privacy preferences are respected.