AI to create more disruption in financial services

More than 45 percent of fi-serv employees already have some exposure to AI on the job today, and an additional 4 percent will be rolling out AI technology in their departments in 2019, according to findings from a study by Optimized Workforce.

The securities & investments subsector is the most aggressive in its AI investment plans, but the consumer & business banking subsector may see the greatest disruption to its workforce – due both to its size and the degree to which AI can displace jobs.

"The financial services industry is unique because AI can affect all three elements of its revenue model," said Craig Desens, an Optimized Workforce adviser. "AI is effective at generating new fi-serv business, effective at automating back-office processes, and in many cases – as with programmatic trading or portfolio management – AI is the product."

But as disruptive as AI might be, the effects on workers may involve change before they involve job displacement. Nearly 20 percent of financial service workers surveyed by Optimized Workforce are spending so much time on tasks AI can automate that they are missing key business goals – costing financial service companies money and brand equity. Automating non-core tasks to enable these workers to reach core business goals will benefit employers, workers, and AI vendors.