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 "Generative AI: From buzz to business value" report published by KPMG
CFTE summarised “Generative AI: From buzz to business value” report by KPMG. This report shows how top leaders are approaching this transformative technology
Key Aspects
- The surveys shed light on emerging trends in the use of generative AI in business, including both the opportunities and threats executives believe generative AI has created.
Table of Contents
- Introduction: Overview of Generative AI’s Global Impact
- Survey Highlights: Opportunities, Challenges, and Implementation Plans
- Enterprise Leaders’ Perceptions and Outlook on Generative AI
- Dynamic Uses: Top Applications and Adoption Timelines
- Implementation Challenges: Skill Gaps and Business Readiness
- Integrating Generative AI: Addressing Barriers and Risk Mitigation
- Trust Issues: Internal and External Risks
- Workforce Implications: Impact on Jobs and Productivity
- Strategic Recommendations for Implementing Generative AI
- Research Methodology and Respondent Demographics
Key Findings and Insights
This report will give you an insight into:
- Top emerging technologies
Generative AI continues to be seen as the top emerging technology. When asked in June 2023, 3 in 4 business leaders find it will be a top three emerging technology over the next 12-18 months. When asked in March 2023, 78% selected generative AI as the top emerging technology over the next 3-5 years. - Functional area impact
IT/Tech, operations, and marketing and sales are the top functional areas that are anticipated to be impacted the most by generative AI, ranking highest among business leaders in both March and June. - Barriers to implementation
Lack of skilled talent remained a top three barrier to implementing generative AI from March to June. - Risk management priorities
- Prioritization of risk management has increased since March across the board. In both March and June, cybersecurity was the top area of risk management that business leaders are prioritizing. Risk management measures around weaponization (the use of generative AI to manipulate public opinion) has increased; 29% of business leaders ranked this as high priority in March and 56% did in June.
- Business leaders remain optimistic about the overall impact of generative AI on their workforce and concerns have decreased. In March, 59% of business leaders reported that they predict generative AI will have a net positive impact on workforce. In June, 53% of business leaders report that their headcount will likely expand. - Impact on workforce
In both March and June, there were concerns expressed around the employment implications for the workforce broadly. However, June saw a significant decrease in anxiety about companies replacing their current employees with generative AI. Concerns around reduced opportunity for professional development and advancement (41% vs. 26%) and decreased creativity and innovation (30% vs. 16%) have also reduced. Concern around mental health, decreased social interactions, increased unemployment, and creating roles with niches skills remain similar to our earlier findings.
Key infographics
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