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by Sofia Villegas
16 April 2024
More than a third of finance leaders use generative AI daily, report reveals

ChatGPT is one of the most used forms of GenAI | Alamy

More than a third of finance leaders use generative AI daily, report reveals

Around four in ten financial services leaders are using generative artificial intelligence (GenAI) at least once a day at work, with 60 per cent using it weekly, according to a survey by KPMG UK.

Gathering more than 150 responses, the survey revealed a majority of leaders - 70 per cent – are confident on their use of GenAI. However, nearly a third are unsure the sector is harnessing the potential of the technology. 

Katie Clinton, partner and regional head of financial services at KPMG UK, said: “The widespread use of GenAI among financial services leadership highlights the awareness of its potential to transform the sector. As leaders continue to get to grips with the technology and learn iteratively, this will not only help to build proof-of-concepts around external use cases but instil a culture that GenAI becomes a part of, from the top down. 

“Despite some of the knowledge barriers, leaders must continue to get to grips with GenAI as a lever to long-term productivity, growth and competitiveness.” 

To date, financial planning is where most respondents - 44 per cent - said GenAI is being used in their businesses, followed by customer data analytics and fraud detection.

However, almost 40 per cent of respondents agreed marketing would become one of the top uses of technology over the next three years.

Of all senior professionals in the sector, chief executives were revealed as the most frequent users, using it up to three times per day with most - 96 per cent - doing so for either brainstorming or speech writing and presentations. 

Those participants who were not confident in their use of the technology ranked lack of training, scepticism and doubts of its effectiveness ranked as the main reasons for it.

More than 80 per cent highlighted the importance of policies to balance the opportunities and risks of AI ahead of the general election, to ensure a safe use of the technology within the industry.

A quarter called for banking and financial services to have the strictest regulation on the use of the technology. 

Similar responses were gathered for those surveyed and located in Scotland, with the average use standing only slightly below the rest of the UK, with 29 per cent using it daily.

However, out of all participants, only seven were based in Scotland, indicating that further research may be needed to find if leaders north of the border replicate this behaviour.

Arleen Arnott, Edinburgh office senior partner and financial services partner at KPMG UK, said:

“It is clear from this survey that AI is becoming a key part of the day-to-day running of financial services firms.

“From brainstorming and research to future financial planning and analysing customer data, the opportunities are endless if this technology is used in the right way.”

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