Are companies ready for generative AI?
Most European financial services companies in a survey expect the technology to make an impact in short order, but not nearly as many have shored up training plans.Nearly seven of ten European financial services companies recognise that the rapid rise of generative artificial intelligence (GenAI) means a significant portion of their workforce soon will require training, but nearly eight of ten admit their plans for training are, at best, in their infancy.
Responding to the EY European Financial Services AI Survey earlier this month, 77% of executives at 60 financial institutions across Europe said they expect GenAI — technology that can use existing data to generate new content like text, photos, and videos — to affect their company's operations.
Sixty-eight per cent believe that up to one-quarter of their workforce will require related training and upskilling in the next six to 12 months. However, 77% said plans for that training are barely off the ground (35% said there are no plans in place; 42% said plans are "in their infancy").
The potential positive impact of GenAI has reached the doorstep — 60% of respondents said their organisation has actively invested in the last six to 12 months, and 75% expect even more spending in the next six to 12 months — but preparations for putting GenAI to work aren't matching that pace.
"Europe's financial leaders are investing in AI technologies, targeting increased productivity, customer benefits, and operational efficiencies. However, the challenge of enabling the workforce to realise and capitalise on potential gains requires in-depth, long-term planning, which is not yet in full force," said Ayman Awada, Financial Services Technology Consulting Leader for EY in Europe, the Middle East, India, and Africa.
"GenAI technologies and the potential of their applications continue to evolve rapidly. Financial services leaders must ensure that they are adopting a strategic mindset as they manage their investment, both in new technologies and their people. Bringing together the best of human-driven insight, with the breadth of GenAI capabilities, will be fundamental to successful GenAI integration," Awada said.
The EY survey was released the same week that CPA.com, the business and technology subsidiary of AICPA, released its GenAI toolkit aimed at equipping accounting and finance professionals.
Participating leaders in the EY survey cited their top concern as limited understanding and experience with GenAI applications and their impact across the workforce (36%).
Although some organisations are off schedule on plans for getting the workforce up to speed on GenAI, a portion are mapping out a new model for the workforce of the future. Thirty-five per cent of executives said they plan to integrate AI training within their graduate programmes, and 25% are planning a more widespread restructuring of roles and responsibilities across entry-level positions.
Survey respondents most often cited an innovative and interdisciplinary mindset and a tech-savvy and experimental approach as the top attributes they will target when recruiting entry-level talent for a GenAI-enabled workforce.
— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.