Almost three-quarters (73%) of executives working in financial services expect to eventually be replaced by Generative AI (GAI), according to a recently released study.
The study, entitled ‘Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry’, was produced by FintechOS.
Despite the headline figure, the study shows an almost even split between respondents as to whether the technology is a positive development for the market - 45% said they see it as a 'friend' whereas 40% see it as a 'foe'.
There is a similarly even split when it comes to the money being invested in GAI with 50% already investing in the technology - in the UK, this amounts to an average sum between £800,000 and £1.6m.
However, there is a much wider consensus when it comes to the expectation that GAI will eventually reshape the workforce and displace jobs.
As many as 57% believe that the technology will lead to job losses within the next three years with an average headcount reduction of 30%.
"While opinions within the financial services industry are deeply divided, there is one common consensus: the expectation that GAI will boost revenues but inevitably reshape the workforce and displace jobs,” said Teodor Blidarus, co-founder and CEO at FintechOS.
“Every financial institution has started its GAI journey and it’s imperative to take the first step – even if it’s a small one – to avoid being left behind. Only by starting the journey now, and understanding the implications can be mitigate the risks of GAI and better reap the rewards.”
The study's publication comes at a tumultuous time for GenAI with one of the sector's biggest names, founder of OpenAI Sam Altman, reported to be returning to lead the firm from which he was fired the previous week.