AI could automate up to half of tasks in most financial services roles, leading to potential major employment consequences unless the technology is used to drive not just efficiency but growth, according to a UK government-commissioned report, quoted by Finextra.
With artificial intelligence rapidly restructuring how the financial services sector operates, in November the UK government instructed the Financial Services Skills Commission (FSSC) to produce a report on AI skills needs, training and innovation.
Now published, the ‘A Workforce Transformed‘ report notes that the potential growth benefits of AI have long been recognised, and that such technology is already being deployed across the industry to drive improvements in productivity, customer outcomes and innovation.
However, it also finds that as adoption scales, the impact of AI on how people work will be significant, and has possibly been understated.
Most roles will see gradual but significant automation of between 30% and 50% of their component tasks. This will lead to a more highly-skilled workforce and demand for skills in data, governance, software engineering, interpretation, and product design, as well as adaptability, creativity and critical thinking.
The report warns that as agentic AI adoption advances, workforce planning will change as automation puts pressures on entry-level roles, requiring new pathways into the sector.
There will also be increased competition for talent. By 2035, the sector could lose up to 450,000 of its 780,000 highly-skilled workforce through turnover or retirement. This is at a time when demand for these capabilities is intensifying across the economy making it increasingly difficult and costly to replace talent and posing a significant risk to sector competitiveness.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
