City leaders turn to AI bots to fight financial crime
Half of leaders in the City of London use AI to access financial advice, according to new research.
KPMG UK’s figures also show that 36 per cent of senior leaders in the financial services sector use the tool, with chief executives the most frequent users at 30 per cent.
According to the firm, CEOs use it up to three times a day mostly for brainstorming (50 per cent) and help with speech writing and presentations (46 per cent).
KPMG UK added that despite more than 60 per cent of leaders using generative AI at least once a week in their day jobs, almost a third (31 per cent) aren’t confident that the business overall is harnessing the potential of the technology.
According to the data, financial planning is where most leaders (44 per cent) say generative AI is being used in their businesses, followed by customer data analytics (38 per cent) and fraud detection (35 per cent).
KPMG Uk said that over the next three years, most leaders call out financial planning (40 per cent), marketing (37 per cent) and fraud detection (36 per cent) as where the tech will be used.
Using generative AI to help fight financial crime aligns with concerns related to its use for criminal intent, as highlighted in another recent KPMG study, which showed that this is the biggest concern amongst UK adults.
Karim Haji, global and UK head of financial services at KPMG, said: “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.
“But there are knowledge gaps in how generative AI can be used, which could be impacting confidence and trust in the technology.
“For the potential of generative AI to be fully realised, organisations need to ensure that the skills required for creating value with AI are built via training, including among leadership.
“Clearly there is still uncertainty surrounding the regulation and ethics of the technology when it comes to serving and protecting customers, which the sector will look to the regulators and the government to help navigate.
“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.”