In a not-so-shocking revelation, a whopping 73% of banking and insurance executives are donning their pessimism hats, foreseeing their eventual replacement by the ever-looming Generative AI.
Generative AI (GAI) refers to Artificial Intelligence (AI) that can create a wide variety of data. If that sounds vague, it is. That's because GAI can create an awful lot of things, from text to images, to video and more. That means that execs working in analysis, crypto, prop trading, FX and more are all looking over their shoulders.
FintechOS has published a riveting, and doom mongering, study titled 'Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry.'
A Love-Hate Affair
While the air is thick with existential angst, the study reveals an intriguing seesaw of emotions. 45% of respondents consider GAI a trusty 'friend,' while a slightly more skeptical 40% label it a 'foe.' In this coming together of tech and talent, things are pretty much split down the middle.
As financial moguls dip their toes into the GAI waters, the drama begins. 50% are already investing in a robotic future, with the UK seeing £800,000 to £1.6 million as the average AI investment made by financial firms. Spending, for sure, but not extravagantly.
An Employment Apocalypse or Renaissance?
57% of respondents to FintechOS’s questions predict job losses within the next three years, seeing an impending headcount reduction averaging 30%. Teodor Blidarus, the man behind FintechOS, forewarns, “Every financial institution has started its GAI journey. Only by starting the journey now can we mitigate the risks and reap the rewards." As financial leaders brace for the AI storm, the melody of uncertainty plays on.
With Altman's Return, a GAI Overture Unfolds
Coinciding with this financial melodrama, OpenAI's Sam Altman, a virtuoso in the AI realm, has returned to take back the reins.
73% of financial execs expect GenAI takeover. Study reveals a love-hate relationship with AI. 50% investing in GAI, UK spends millions. 57% foresee job losses with GAI rise. Altman's return adds drama to the AI opera.
