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Nine out of ten European companies offering financial services (90%) have adopted Artificial Intelligence (AI) in their operations to some extent. Nearly three-quarters (72%) of leaders plan to increase annual investments in GenAI.
The „EY European Financial Services AI Survey„ is now in its second edition. According to the research, only 11% of those who run such organizations said that the company is ready for future regulations. These include the EU AI Regulation. While 15% claim that they have not implemented a regulatory risk framework in this area.
25% of the companies included in the study mentioned that they have training programs in the field of GenAI. 78% of leaders believe that employees do not have solid skills for new technology.
More than three-quarters of European financial services company leaders increase investment budgets in GenAI
Most companies are still in the early, experimental stages, especially with regard to GenAI.
Data centralised by EY shows that only 31% of companies in Europe are at an early stage in terms of overall AI integration. 60% are still in the planning phase.
The majority of executives also believe that by 2025, 25% of current positions in the European financial services sector could feel the effects of AI integration. 93% of the responding executives said that up to 10% of the positions could be abolished.
Despite this, 43% of respondents said plans to train employees in AI are still at an early stage. Moreover, 29% confirmed that they do not currently have such programs. 12% said they do not plan to develop such a program.
At the same time, six out of ten people say that AI-based technologies will have a significant impact on the positions and activities performed by new employees. 24% of them intend to restructure positions and duties at beginner level. 25% plan to integrate AI training into their training programs). In addition, 35% said they had not taken any action to counterbalance the potential domino effect of AI adoption on entry-level employees, up from 28% a year ago.
Areas of activity that require knowledge in the field of AI
In terms of fields of activity, Data Science and Innovation ranks first, followed by back-office operations (46%) and Information Technology (40%).
When asked what are the main qualities they will look for in recruiting employees at the entry-level level, the top three were:
- the ability to adapt and be flexible (77%),
- innovative and experimental mindset (70%)
- the ability to collaborate and work outside the basic field (44%)
In terms of investment on GenAI, 72% of executives said they will increase expenses in the next 6-12 months.
In 2024, the main concern regarding the adoption of GenAI was:
- the quality of the results (cited by 56% of respondents),
- transparency and explainability (54%),
- data privacy (53%),
- the potential for discrimination,
- lack of impartiality and inequity (47%)
The „EY European Financial Services AI” study surveyed, in October 2024, the opinions of 116 executives in the financial services sector, from 106 listed and unlisted firms with a total market capitalization of almost 880 billion euros, across Europe.
