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Date updated: 7/06/2024
Financial and professional services: the future of AI and the workforce cover

Artificial intelligence (AI) is predicted to add £35bn to the financial and professional services (FPS) sector over the next five years. This report, produced in association with KPMG, provides an in-depth look at how AI is transforming the sector. It analyses tasks and roles across three functions - revenue, controls and support – to give greater detail about how AI is impacting firms and individuals.

The analysis indicates how fast roles can change by evaluating expected productivity gains from AI. Building a profile of roles across seven categories - insurance, asset management, investment banking, retail banking, challenger banks, fintech and legal services – it finds a maximum of 12% productivity gain by 2025 and 50% gains by 2030.

As a result, the skills needed across all functions of a business are changing quickly too. We cannot wait to fill the talent demand – firms must invest now in AI training and the government should support firms’ efforts to upskill and reskill their workforce in AI.

This research serves as a useful benchmark in seeing the potential growth of the FPS sector and areas of future use cases. It also, critically, provides frameworks for maximising AI benefits in an ethical, responsible way. Building an AI positive culture, creating clear AI strategies and understanding and managing the workforce transition will be critical if the UK's financial and professional services are to remain at the forefront of the AI transformation.

Read the full report