- GenAI Adoption in UK Financial Services:
- 70% of UK Finance members are currently piloting generative AI (GenAI) use cases.
- Primarily focused on co-pilot style employee efficiency tools.
- Top-Rated Consequences of GenAI Adoption:
- Increases in productivity (74%).
- Operational effectiveness (70%).
- Improved customer experience (61%).
- Comparison with Predictive AI:
- GenAI adoption is slightly lower than predictive AI (91% adoption).
- Predictive AI is commonly used in fraud detection and risk analytics.
- Return on Investment Expectations:
- Current GenAI models are not expected to yield ROI for at least three years.
- The lack of regulatory safeguards contributes to the cautious outlook.
- Collaboration with Regulators:
- 80% of firms express a desire to collaborate with regulators.
- Jurisdictional incongruity is a top concern for 65% of firms regarding AI regulation.
- Risk Management and Regulatory Adaptation:
- 60% of respondents are adapting existing management procedures to cover technology-related risks.
- Regulatory safeguards, like the upcoming EU AI Act, are awaited for guidance.
- Clear-Eyed Approach to Risks:
- Despite clear opportunities, firms are cautious about risks associated with GenAI.
- Calls for collaboration with policymakers and regulators for flexible and long-term regulation.
- Balanced Adoption and Nascent Regulation:
- The adoption of GenAI should be balanced with evolving regulations.
- Technology has the potential to enhance opportunities if used correctly, according to experts.
UK financial services firms cautious but keen to adopt GenAI, new survey says
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