A recent survey by UK Finance reveals that nearly 75% of financial services firms in the UK are currently experimenting with generative AI technologies, utilizing them for applications such as ‘co-pilot’ tools aimed at enhancing employee productivity.
Despite this interest in generative AI, respondents indicated that they do not anticipate realizing a return on investment for advanced applications within the next three to five years. This survey included insights from 23 firms, encompassing a mix of international banks and mid-sized non-banking financial services organizations.
The findings show that a significant majority—three-quarters—of the participants foresee benefits from generative AI, primarily in terms of productivity gains and operational efficiency, rather than in direct customer engagement or revenue generation.
Moreover, almost all firms are taking proactive measures to address the risks associated with artificial intelligence within their control frameworks, with 60% of the respondents having already implemented strategies to mitigate the potential hazards of generative AI.
Jana Mackintosh, Managing Director of payments, innovation, and resilience at UK Finance, stated, “What firms are seeking now is collaboration with policymakers and regulators to establish a long-term and adaptable regulatory framework that aligns with technological advancements. This approach will help the financial services sector manage the risks associated with this technology while capitalizing on its significant competitive advantages.”
In a related study conducted by FintechOS, it was found that 75% of financial services executives anticipate that generative AI could eventually replace their roles. However, opinions on the technology’s implications for the industry are varied: 45% view it as a beneficial advancement, while 40% perceive it as a potential threat.