As AI mania sweeps across financial services, data points on its impact are emerging following the release of OpenAI’s ChatGPT in November 2022. Much has been written about how mainstream adoption will be impacted. The University of Yale released a report
titled Evaluating the Impact of AI on the Labour Market: Current State of Affairs, which examines the current proof points of the impact on jobs. As seen
in the report, there is a need for better data on the impact of AI in the labour market, and measures of exposure, automation, and augmentation show no sign of being related to changes in employment or unemployment. However as we grapple with ever-changing
technologies, there are several aspects we should consider in financial services.
1. The conversation has shifted
Over the past month, leaders like David Solomon, CEO of Goldman Sachs, and Jamie Dimon, CEO of JPMorgan, have spoken publicly about how their firms are using AI to enhance financial services during their trips to Europe. The conversation on AI is no longer
about its arrival, but how it is a pivotal strategy being implemented at the very top of leading institutions. With the recent launch of the
Evident AI Index this month, JPMorgan leads the pack.
What's changed is that AI is no longer a back-office experiment — it's a boardroom topic. Adoption is accelerating across business lines, and the conversation has shifted from potential to performance.
2. AI isn't new to finance
Financial institutions have been using AI and machine learning for decades — from trading algorithms to fraud detection. Banks have consistently been early adopters of new technology to manage risk and remain competitive.
Jamie Dimon's 2017 annual letter
made clear that technology investment was already central to banking strategy. Let's not forget: financial services firms were among the first to purchase mainframes back in the 1950s. What's different now is the pace of adoption and the shift from prediction
to action.
3. The hard part isn't the technology — it's the people
The biggest hurdle in digital transformation is cultural, not technical. Having run technology education programs — from mobile to AI — and driven digital products, I've seen firsthand that the real challenge is rarely the tools themselves; it’s about teaching
people how to use those tools. Moving from pilot projects and "evangelists" to broad organisational adoption takes time, trust, and leadership commitment.
During the digital transition programs, we'd get executives to design a mobile app in a day during design-thinking workshops — a hands-on way to build confidence in new technology. The same principle applies now with AI: leaders learn best by doing.
4. Innovation within guardrails
Financial services operate in one of the most regulated environments in the world — and for good reason. But risk management and innovation aren't opposites. The best organisations learn how to innovate within their risk frameworks.
In practice, this means building innovation processes that work with compliance structures, not around them. That balance — between experimentation and control — is where real progress happens.
5. What's different this time: The rise of agentic AI
The first wave of AI helped us predict. The next wave — agentic AI — is starting to act: reasoning, creating, and executing tasks autonomously. This is a significant shift for an industry built on precision and predictability.
It raises new questions about accountability, explainability, and governance — all areas where financial services can help set global standards.
6. A call to leaders: Learn, engage, and lead
My advice to finance and banking executives is simple:
-
Learn the technology yourself. Understanding how AI works — not just what it does — is essential to good leadership in this new era. Put your hand up for user testing.
-
Get involved in your firm's AI initiatives. In my experience of executive education programs, the most effective leaders were those who engaged directly — asking questions, experimenting, and staying curious.
Leaders who engage directly with AI — not just through PowerPoint updates — make better decisions and build stronger, more confident teams. The more informed leaders are, the better they can balance innovation with responsibility.
7. First movers will benefit
The organisations that engage with AI now — experimenting thoughtfully within their risk and security frameworks — will gain advantages in productivity, insight, and client service. The window for first-mover advantage is narrower than most expect. The leaders
who stay curious and hands-on will shape the next chapter of financial innovation.
According to EY’s
recent quarterly results, big technology companies have spent over $155 billion on AI this year, and global venture capital has surged to $ 49.2 billion in the first half of 2025, outpacing the total for all of 2024, $ 44.2 billion. This indicates the massive
impact AI will have on technology and financial services in our near future, making the need to adapt all the more urgent. Overall, our use of new technologies is key in an ever-shifting world; however, taking a classic R&D approach will enable financial services
firms to adapt and adjust while maintaining a competitive advantage.