Posted: 5 Jun 2024 Resource Type: Research Report Download Back Artificial intelligence (AI) is predicted to add £35bn to the financial and professional services (FPS) sector over the next five years. This report, produced in association with KPMG, provides an in-depth look at how AI is transforming the sector. It analyses tasks and roles across three functions - revenue, controls and support – to give greater detail about how AI is impacting firms and individuals. The analysis indicates how fast roles can change by evaluating expected productivity gains from AI. Building a profile of roles across seven categories - insurance, asset management, investment banking, retail banking, challenger banks, fintech and legal services – it finds a maximum of 12% productivity gain by 2025 and 50% gains by 2030. As a result, the skills needed across all functions of a business are changing quickly too. We cannot wait to fill the talent demand – firms must invest now in AI training and the government should support firms’ efforts to upskill and reskill their workforce in AI. This research serves as a useful benchmark in seeing the potential growth of the FPS sector and areas of future use cases. It also, critically, provides frameworks for maximising AI benefits in an ethical, responsible way. Building an AI positive culture, creating clear AI strategies and understanding and managing the workforce transition will be critical if the UK's financial and professional services are to remain at the forefront of the AI transformation. Ezechi Britton, MBE, Chief Executive Officer of CFIT, discusses how to leverage AI and add value to work. Janine Hirt, Chief Executive Officer of Innovate Finance, on the benefits of utilizing AI in the workforce. Leanne Allen, Data Science and AI Lead of KPMG UK, talks about reskilling and upskilling the workforce for an AI driven future. Harriet Rees, Chief Information Officer of Starling Bank, on using the insights from the ‘Financial and professional services: the future of AI and the workforce’ report on maximising the benefits of using AI innovation. How AI is turbo charging UK financial and professional services AI: Accelerating Innovation AI: Accelerating Innovation Get involved AI | Innovation Challenge AI | Innovation Challenge AI is shaping the future of business Committed to creating an environment where AI innovation flourishes, the UK has a world leading AI sector Find out more about the UK's AI innovation offer Share: Share to LinkedIn LinkedIn Share to X Share to Facebook Facebook Share to WeChat WeChat Share to WhatsApp WhatsApp Share to Email Email Download Related content Thought Piece How the UK can help to put Saudi Arabia on an accelerated path to a sustainable future Jul 2024 - How the UK's expertise in sustainable finance and global infrastructure financing can help accelerate Saudi Arabia on its path to a sustainable future. How the UK can help to put Saudi Arabia on an accelerated path to a sustainable future Research Report The City of London Corporation's work in support of financial and professional services: annual review 2023/2024 Jul 2024 - The City of London Corporation's annual review on the extensive programmes of work in the UK's financial and professional services industry in 2023/2024. The City of London Corporation's work in support of financial and professional services: annual review 2023/2024 Thought Piece Harnessing the power of London for global climate action: Reflections on London Climate Action Week 2024 Jul 2024 - London Climate Action week is a global moment that sees leaders, organisations and communities from across the world descend on London to drive climate action. Here are some highlights from myself and the City of London sustainable finance team. Harnessing the power of London for global climate action: Reflections on London Climate Action Week 2024 Research Report City statistics briefing Jul 2024 - The City Statistics briefing looks at the City of London's role as a global business hub for financial and related professional services. City statistics briefing