Posted: 5 Jun 2024 Resource Type: Research Report Download Back Artificial intelligence (AI) is predicted to add £35bn to the financial and professional services (FPS) sector over the next five years. This report, produced in association with KPMG, provides an in-depth look at how AI is transforming the sector. It analyses tasks and roles across three functions - revenue, controls and support – to give greater detail about how AI is impacting firms and individuals. The analysis indicates how fast roles can change by evaluating expected productivity gains from AI. Building a profile of roles across seven categories - insurance, asset management, investment banking, retail banking, challenger banks, fintech and legal services – it finds a maximum of 12% productivity gain by 2025 and 50% gains by 2030. As a result, the skills needed across all functions of a business are changing quickly too. We cannot wait to fill the talent demand – firms must invest now in AI training and the government should support firms’ efforts to upskill and reskill their workforce in AI. This research serves as a useful benchmark in seeing the potential growth of the FPS sector and areas of future use cases. It also, critically, provides frameworks for maximising AI benefits in an ethical, responsible way. Building an AI positive culture, creating clear AI strategies and understanding and managing the workforce transition will be critical if the UK's financial and professional services are to remain at the forefront of the AI transformation. How AI is turbo charging UK financial and professional services AI: Accelerating Innovation AI: Accelerating Innovation Get involved AI | Innovation Challenge AI | Innovation Challenge AI is shaping the future of business Committed to creating an environment where AI innovation flourishes, the UK has a world leading AI sector Find out more about the UK's AI innovation offer Share: Share to LinkedIn LinkedIn Share to X Share to Facebook Facebook Share to WeChat WeChat Share to WhatsApp WhatsApp Share to Email Email Download Related content Research Report Accelerating Carbon Dioxide Removal: Unlocking the UK's potential to support global net zero Jun 2024 - This report, produced in association with Oliver Wyman and the UK Carbon Markets Forum looks at the major barriers to Carbon Dioxide Removal demands and constraints, while highlighting key actions that can be taken. Accelerating Carbon Dioxide Removal: Unlocking the UK's potential to support global net zero Case Study Thought Machine | making strides in the US market Jun 2024 - We spoke to Brad Steele, General Manager of the Americas and Managing Director about Thought Machine’s successful expansion to the US. Thought Machine | making strides in the US market Thought Piece Is American trade policy protectionist? Jun 2024 - Ed Price looks at today’s US trade policy - what it is and what it’s not. Is American trade policy protectionist? Thought Piece The growth in crypto Jun 2024 - In his latest blog from Brussels, Nick Collier looks at the latest innovation in cryptocurrencies, and the regulatory response in the EU and UK. The growth in crypto