Accenture<\/a> and the World Economic Forum. That\u2019s the highest share of any job they studied.\u00a0Industries following just behind are insurance, software, and capital markets. (Perhaps to be expected, utilities and natural resources round out the bottom of the list.)<\/p>\n\u201cTraditional AI adoption in financial services [is] widespread, shallow, and inconsequential,\u201d Shameek Kundu, chief strategy officer and head of financial services at AI observability platform TruEra, wrote in the report.<\/p>\n
The good news, however, is that AI implementation more broadly stands to hugely benefit banks and financial institutions. It may not even hurt total headcount, once requisite AI-related management hires are accounted for.\u00a0<\/p>\n
After all, AI is hardly sophisticated enough at this stage to operate independently. A \u201cbot-powered world,\u201d as Citigroup puts it, would still struggle with compliance, data security, and basic ethics, as \u201cAI models are known to hallucinate and create information that does not exist.\u201d Hardly a minor business risk.\u00a0<\/p>\n
Indeed, AI could add $170 billion to the profit pool for the banking sector globally by 2028. And the banks know it, even if they\u2019re hesitant. Almost all (93%) of financial institution respondents to a recent Citi client survey said AI adoption would improve their profitability in the next five years\u2014mainly because of its ability to automate rote tasks human workers are currently saddled with, like data entry and dreaded Excel files.\u00a0<\/p>\n
Despite the measurable upside\u2014which many other industries have long since embraced\u2014Citigroup predicts financial services will be dragging their feet, slow on the AI uptake compared to other sectors. They chalk that up to the sector\u2019s \u201chighly regulated nature\u201d and lack of globally agreed-upon rules. \u201cBankers may think that they lead the way,\u201d Citigroup writes, \u201cbut many users are adopting technology faster than banks or big business,\u201d a phenomenon they characterize as \u201cthe crowds running ahead of the crown.\u201d<\/p>\n<\/div>\n
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