KPMG research

Financial services using AI at work on daily basis

Financial planning
Financial services leaders have adopted AI for a number of tasks

Almost a third (29%) of senior leaders in the financial services sector in Scotland use generative AI at least once a day at work, according to new research from KPMG UK.

Of those who responded, the main uses highlighted were brainstorming and research, while customer data analytics and financial planning were seen as other areas for using AI.

The research is seen as evidence of the growing infiltration of artificial intelligence into the work schedule.

Just under half (43%) of respondents said they are using generative AI a few times a month in their personal time.

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 part of the day to day running of 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.”

Katie Clinton, partner and regional head of financial services at KPMG UK, added: “The widespread use of generative AI among financial services leadership highlights the awareness of its potential to transform the sector.

“As leaders continue to get to grips with the technology and learn iteratively, this will not only help to build proof-of-concepts 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.”

Across the UK, the average use of AI by business leaders at least once a day is a little higher than in Scotland (36%). The main uses are similar apart from a spike when it comes to writing speeches.

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