Financial leaders are encouraged to fully embrace AI
Business leaders are being encouraged to “continue to get to grips with” generative artificial intelligence (AI) to boost their firms’ long-term productivity, growth, and competitiveness, with many already using such technology on a daily basis, according to KPMG UK.
The professional services firm has found that about three in ten senior leaders in the financial services sector in Scotland use generative AI (which includes CHATGPT and which KPMG describes as a “game-changing technology, offering innovative ways to engage users and generate content with deeper insights”) at least once a day at work, with main business uses highlighted brainstorming and research. Across the UK, the average use of the technology by business leaders at least once a day was higher at 36 per cent, with the main purposes similar apart from a spike when it comes to writing speeches.
Usage by boss es is also encompassingtheir lives outside work, with almost half of those in scotland saying they employ generative AI a few times a month in their personal time, and when asked about future uses, those surveyed highlighted customer data analytics and financial planning as potential areas for AI being deployed.
Katie Clinton, partner and regional head of financial services atkpmguk, commented: “The widespread use of generativeai among financial services leadership highlights the awareness of its potential to transform the sector. As leaders continue to get to grips with the technologyand learn iteratively, this will not only help to build proof-ofconcepts around external use cases, but instil a culture that generative AI becomes a part of, from the top down. Despite some of the knowledge barriers, leaders must continue to get to grips with generative AI as a lever to long-term productivity, growth and competitiveness.”
Arleen Arnott, Edinburgh office senior partner and financial services partner at KPMG UK, said: “It is clear from this survey that ai is becoming a key partoftheday-to-dayrunningof financial services firms. From brainstorming and research to future financial planning and analysing customer data, the opportunities are endless if this technology is used in the right way.”