EY: Financial services leaders anticipate major GenAI impact

EY has unveiled the results of its European Financial Services AI Survey. Picture: EY
EY’s European Financial Services AI Survey finds more than a third of companies have no plans in place to train employees in emerging GenAI technologies

While the majority of European financial services leaders expect generative AI to have a significant impact on their firms in the coming years, many are yet to ensure their workforce is sufficiently prepared. 

That’s according to the results of EY’s European Financial Services AI Survey, which finds more than a third (35%) of companies currently have no plans in place to train employees in new and rapidly evolving GenAI technologies. 

Meanwhile, a further 42% describe plans as being “in their infancy”.

It comes despite almost four in five (77%) of these executives stating that GenAI will have a significant impact on productivity and roles.

More than two-thirds (68%) of respondents anticipate that up to a quarter of jobs will require AI training or upskilling over the next six to 12 months, with 17% believing half of all jobs could be affected. 

“It's significant to see that such a high number of leaders within the financial sector are recognising the impact AI will have,” comments Dr Yi Ding, Assistant Professor of Information Systems at the Gillmore Centre for Financial Technology, based at Warwick Business School.

“Delivering appropriate training in AI and upskilling will thus be crucial for businesses to remain competitive, and enhance how services are delivered to all.”

Youtube Placeholder

AI understanding a top concern for leaders

EY’s research analyses the views of 60 European executives from financial institutions, including listed firms, representing an aggregate market cap of US$616.7 billion. 

Interestingly, just 12% of leaders state they have training in place for targeted groups, while only one in 10 reported having developed plans in use. 

A mere 2% of respondents believe that their workforce is fully equipped to contribute end-to-end to building AI capabilities across their organisation. 

When asked to consider the top concerns presented by GenAI integration, financial services executives are most likely to cite limited understanding and experience of GenAI applications and their impact across the workforce (36%), followed by uncertainty surrounding existing and pending potential regulatory impacts (29%), and ethical issues around GenAI (7%).

“After more than three decades of major digital transformation across financial services, the rise of GenAI is demanding yet another new set of skills for firms,” adds Omar Ali, EY EMEIA Financial Services Managing Partner.”

******

For more business insights, check out the latest edition of Business Chief UK & Europe and be sure to follow us on LinkedIn and Twitter.

You may also be interested in the Business Chief US & Canada website. 

******

BizClik is a global provider of B2B digital media platforms that cover executive communities for CEOs, CFOs and CMOs, as well as leaders in Sustainability, Procurement & Supply Chain, Technology & AI, Cyber, FinTech & InsurTech. We also cover industries including Manufacturing, Mining, Energy, EV, Construction, Healthcare and Food & Drink.

BizClik, based in London, Dubai and New York, offers services such as content creation, advertising and sponsorship solutions, webinars and events.

Share

Featured Articles

SAP creates new EMEA region and announces new President

SAP has announced it has appointed a new President for a newly-created EMEA region, aiming to make the most of the opportunities of cloud and AI technology

How SAP is facilitating continuous business transformation

Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software

Siemens and Microsoft: Driving cross-industry AI adoption

To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI

Sustainability must become central to corporate strategy

Sustainability

The endless benefits of putting your people first

Leadership & Strategy

Working from anywhere: SAP uncovers secret life of employees

Human Capital