81% of financial services firms have invested in AI despite feeling unprepared

July 17, 2024 – London, UK: Research from Orgvue, the organizational design and planning software platform, shows financial services firms are investing heavily in AI but that they also face significant workforce transformation challenges.

81% of financial services firms have already invested in AI technologies and 77% plan to increase their investment in 2024. But while 77% think AI will make their workforce more productive by the end of 2024, 45% agree that it will completely disrupt their industry and 67% feel a responsibility to protect their workforce from redundancies caused by AI displacing jobs.

The research also suggests that there is a gap in workforce preparedness. Although 69% of financial services firms believe their workforce will undergo significant changes in the next three years, only 59% feel their workforce is well-prepared to embrace AI. To bridge this gap, 82% plan to reskill their employees to better support AI integration into business operations.

Additionally, firms want better regulatory oversight. 50% agree regulation is not keeping pace with investment and 81% think that AI should be regulated immediately.

Oliver Shaw, CEO of Orgvue, commented:

“The financial services sector has long been at the vanguard of technology adoption to create jobs and improve productivity. However, in the case of AI, enthusiasm must be matched with a clear workforce transformation strategy to identify how the technology can enhance and augment human workers by automating mundane tasks.”

“As financial services firms navigate this transformation journey, the emphasis should be on preparing the workforce to use AI, freeing them up to do higher-value, uniquely human work. With significant investment underway, this is the path to growth, innovation and competitive advantage.”

Based on an international survey of 1,000 C-suite and senior decision makers at medium and large organizations, the report, Human-first, machine enhanced: the role of AI in workforce transformation, highlights the financial services sector’s rapid adoption of artificial intelligence.

ENDS

About Orgvue

Orgvue is an organizational design and planning platform that empowers your business to transform its workforce by understanding the work people do and the skills they have. Our platform connects strategy to structure, providing clarity of vision, so you can build a more adaptable, better performing organization that thrives in a constantly changing world of work.

The world’s largest and best-known enterprises and consulting firms use Orgvue to visualize and model current and future states of the organization and make faster, more informed decisions. The company is headquartered in London, with offices in Philadelphia, The Hague, Toronto, and Sydney.

Methodology

The research was conducted by Vitreous World between November and December 2023. One thousand business leaders were surveyed from organizations with more than 2,000 employees across financial services; business & professional services; IT, technology & telecoms; energy, utilities, oil & gas; construction & property; manufacturing & production; retail, distribution & transport; media, leisure & entertainment; and the public sector. Of those surveyed, 178 respondents were from the financial services sector.

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