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Artificial Intelligence will change work in the financial sector

Artificial Intelligence will change work in the financial sector

Major banks globally have already begun experimenting with generative AI technology, anticipating improvements in staff productivity and cost reductions.

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In a constantly changing labor landscape, artificial intelligence (AI) is positioned as the catalyst main reason for the revolution in the banking sector, according to a recent analysis by the consulting firm Accenture cited by the Bloomberg agency.

The study revealed that AI has the potentialto not only replace, but also facilitate tasks that currently consume approximately three-quarters of bank employees’ time.

Based on the research, Accenture highlights the banking sector as having the greatest potential to leverage AI technology compared to other industries. According to the analysis, only 27% of bank employees’ work time currently has a low potential to be transformed by artificial intelligence.

Keri Smith, global head of banking data and AI at Accenture, emphasizes the reinvention underway across banking entities, noting that companies are re-evaluating their ways of working to stay ahead in the age of AI. In this context, the appearance of ChatGPT more than a year ago has led numerous companies to increase hiring related to artificial intelligence and explore broader applications of generative AI.

Major banks worldwide have already begun experimenting with generative AI technology, anticipating improvements in staff productivity and cost reduction. Citigroup Inc. and Bank of New York Mellon Corp. are examples of financial institutions that are actively incorporating artificial intelligence into their daily operations.

Good practices of AI

Smith highlights the importance of each bank developing strong talent strategies and carrying out a phased implementation of technology. In this context, Accenture estimates that Banks could increase their productivity by up to 30% in the next three years by applying generative AI.

While the essence of banking, focused on deposits and loans, will remain unchanged, generative AI is presented as a game changer by automating and improving various tasks and roles. Accenture analysis reveals that around 60% of bank tellers’ routine tasks could be supported by generative AIproviding new perspectives on how roles in the financial sector will evolve.

In this way, artificial intelligence is emerging as a key transformative element in the workday of bank employees, offering not only operational efficiency, but also lhe opportunity to redefine roles and adapt to a new technological era.

Source: Ambito

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