Recently published research has shown a clear divide within the financial services sector as to the merits of generative AI (GenAI). However, there is one thing that nearly three-quarters of executives can agree on - that AI technology is coming for their jobs, eventually.
The survey, produced by AngloAmerican tech firm FintechOS and entitled 'Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry', found that 73% of executives working in financial services expect to eventually be replaced by GenAI according to a recently released study.
There was a much closer split though on whether or not the technology was a force for good - 45% said they see it as a 'friend' whereas 40% see it as a 'foe'.
There was a similarly even split regarding the money being invested in GenAI with 50% already investing in the technology. In the UK, this amounts to an average sum between £800,000 and £1.6m.
However, there is a much broader consensus regarding the expectation that GAI will eventually reshape the workforce and displace jobs.
As many as 57% believe that the technology will lead to job losses within the next three years with an average headcount reduction of 30%.
"While opinions within the financial services industry are deeply divided, there is one common consensus: the expectation that GAI will boost revenues but inevitably reshape the workforce and displace jobs," said Teodor Blidarus, co-founder and CEO at FintechOS.
"Every financial institution has started its GAI journey, and it's imperative to take the first step – even if it's a small one – to avoid being left behind. Only by starting the journey now, and understanding the implications can we mitigate the risks of GAI and better reap the rewards."
The study's publication comes at a tumultuous time for GenAI wi. One of the sector's biggest names, founder of OpenAI Sam Altman, reported turning to lead the firm from which he was fired the previous week.
In addition, there has been a fierce debate between EU member states about how AI should be regulated within the trading bloc as the final details of the long-awaited AI Act are debated. At the heart of the debate is whether the technology should be strictly supervised or the principle of self-regulation should prevail.
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