Released
The New Skills in Finance Report 2022
In a digital-transforming era, there is a widening skills gap for those who cannot adapt to the new digital world in finance.
CFTE and Elevandi published the report with the discussion with leading experts to help governments, organisations and individuals address the current skills gap in finance and build a digital-resilient workforce in the industry.
Key Insights
Key takeaways from
"The transformative power of generative AI" report published by JP Morgan Asset Management.
CFTE summarised “THE IMPACT OF AI IN FINANCIAL SERVICES” report by Oliver Wyman and UK Finance. The report examines the current and future state of AI in the UK financial services sector
Key Aspects
- The report focuses on the adoption, applications, and risks of Artificial Intelligence (AI), particularly Generative AI, in the financial services sector.
- It aims to present a comprehensive picture of AI’s value to businesses and consumers, the challenges and opportunities it presents, and the evolving regulatory landscape.
Table of Contents
- High-level Overview of the Current Landscape
- AI in Financial Services
- Unlocking the Benefits of Generative AI
- AI Risks and Mitigation
- Strategic Use of AI: Case Studies
- Policy and Regulatory Landscape
- Conclusion and Future Outlook
Key Findings and Insights
This report will give you an insight into:
- >70% of financial institutions are in the proof of concept or pilot stage for Generative AI use cases
- 91% of financial institutions have either narrowly or widely deployed Predictive AI in fraud detection and back-oce functions with recorded benefits
- Only 13% believe revenue opportunities will be in the top three expected benefits. Benefits are expected to come from productivity improvement and operational eectiveness
- >75% expect the same or higher benefit from Generative AI compared to Predictive AI
- Process automation, sales and customer service functions are areas where Generative AI use is expected to be more prevalent than Predictive AI is today
- >65% of UK high street banks have taken action to upgrade AI risk management policies to account for Generative AI
- >95% are accounting for AI-related risks within risk frameworks
- >70% treat Generative AI-related risks dierently to Predictive AI-related risks
- 65% consider conflicting rules between dierent jurisdictions to be among the top three concerns relating to regulation
- >80% believe that a collaboration with UK regulators would be beneficial
Key infographics
Be AI-ready in this digital era
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