The world’s largest banks have increased their number of employees who work with artificial intelligence by 13% over the past six months.
Karl Flinders.
AI-related roles may be the only “safe” jobs in the banking sector, as financial institutions “relentlessly press on” with AI-led transformaiton.
In their latest AI Talent Reportbanking industry benchmarking company Evident revealed that AI recruitment has been a major focus in the banking sector. AI staff have increased by 13% over the last six months. One in 50 employees hired by the top ten banks are now in AI-related positions.
The report found that AI development professionals were hired at a rate of 6% more than they were in the previous year, data engineers by 14% and AI and software implementation specialists by 42%.
JPMorgan Chase was ranked first, followed by Wells Fargo, and Citigroup. While US banks dominate the top 10, UK’s HSBC, Barclays, and Barclays rounded out the top 10. BNP Paribas in France and BBVA in Spain were ranked seven and eight respectively.
According to Evident, Lloyds Banking Group is part of a group that is trying to catch up to the top 10. Last month, the Bank announced that it will train 200 of its senior managers to ensure the organization can get the most from AI. The bank has partnered with Cambridge Spark to develop the programme that will embed AI skills into the leadership ranks. It recently announced that it will be using Google Cloud Vertex AI for the development of a
Machine learning– ML and
GenAI is a platform for the development of generative artificial intelligence (GenAI), which will be used by over 300 data scientists.
Alexandra Mousavizadeh is co-founder and CEO at Evident. She said: “Data suggest that AI roles are the only safe jobs currently in banking.” Away from market noise and volatility the leading banks are quietly, but relentlessly pushing forward with AI transformation. They’re adding more talent with greater precision, focusing their efforts on hiring in areas that will scale AI use-cases that deliver measurable values.”
Evident revealed the top 10 banks by AI talent volume had twice as many AI cases and were 1.5x more likely to report an ROI against deployments.
To date, AI is primarily used to enhance workflows. The dynamic is changing, however, as the industry’s headcount has decreased by around 3% in the last two years and AI is now directly responsible for major cost savings. “For banks that are already seeing results, it’s clear that now is the right time to double down,” said Mousavizadeh. Evident revealed that the gap is widening between the leaders and the laggards. “The pressure is on the lagging institutions. If you are still in the early stages, trying to determine which path forward is best, and staff,” Mousavizadeh said.
Bank of England and Financial Conduct Authority have been monitoring how financial services firms are using AI and Machine Learning in the UK. A recent survey of 120 firms found that 34 of them are already using AI in their business operations.
ING’s chief technology officer Daniele Tonell described the bank’s “conservatively-aggressive” approach to cybersecurity in an interview with Computer Weekly.
GenAI: innovatingHe said that ING had laid the foundations to prevent GenAI from becoming a tech toy’ conversation.
The bank is enabling development around GenAI in five areas: know your customer, call centres, wholesale banking to improve customer due diligence, retail for the hyper-personalisation of offerings, and inside tech for engineering.
We implemented a strict governance to focus all exploration of GenAI on five specific areas and only under the control the chief operating officer. This is important, because AI has gained so much attention and traction.
The challenger banks are more used to using AI. Zopa Bank CEO Jaidev Janardana, speaking at the Innovate Finance Global Summit, in London, said GenAI was being used by software development teams to help them write code faster.
It also supports productivity in our operations where it helps to understand customer sentiment and respond more quickly,” said Janardana.
AI in banking: Benefits and risks, what next?
Esther Shein,
Nearly one-third of GenAI projects will be dropped after a Proof of Concept
By Aaron Tan,”https://www.computerweekly.com/rms/onlineimages/money_g177553082_searchsitetablet_520X173.jpg”
Salesforce Financial Services Cloud receives GenAI
Karl Flinders.
AI-related roles may be the only “safe” jobs in the banking sector, as financial institutions “relentlessly press on” with AI-led transformaiton.
In their latest AI Talent Reportbanking industry benchmarking company Evident revealed that AI recruitment has been a major focus in the banking sector. AI staff have increased by 13% over the last six months. One in 50 employees hired by the top ten banks are now in AI-related positions.
The report found that AI development professionals were hired at a rate of 6% more than they were in the previous year, data engineers by 14% and AI and software implementation specialists by 42%.
JPMorgan Chase was ranked first, followed by Wells Fargo, and Citigroup. While US banks dominate the top 10, UK’s HSBC, Barclays, and Barclays rounded out the top 10. BNP Paribas in France and BBVA in Spain were ranked seven and eight respectively.
According to Evident, Lloyds Banking Group is part of a group that is trying to catch up to the top 10. Last month, the Bank announced that it will train 200 of its senior managers to ensure the organization can get the most from AI. The bank has partnered with Cambridge Spark to develop the programme that will embed AI skills into the leadership ranks. It recently announced that it will be using Google Cloud Vertex AI for the development of a
Machine learning– ML and
GenAI is a platform for the development of generative artificial intelligence (GenAI), which will be used by over 300 data scientists.
Alexandra Mousavizadeh is co-founder and CEO at Evident. She said: “Data suggest that AI roles are the only safe jobs currently in banking.” Away from market noise and volatility the leading banks are quietly, but relentlessly pushing forward with AI transformation. They’re adding more talent with greater precision, focusing their efforts on hiring in areas that will scale AI use-cases that deliver measurable values.”
Evident revealed the top 10 banks by AI talent volume had twice as many AI cases and were 1.5x more likely to report an ROI against deployments.
To date, AI is primarily used to enhance workflows. The dynamic is changing, however, as the industry’s headcount has decreased by around 3% in the last two years and AI is now directly responsible for major cost savings. “For banks that are already seeing results, it’s clear that now is the right time to double down,” said Mousavizadeh. Evident revealed that the gap is widening between the leaders and the laggards. “The pressure is on the lagging institutions. If you are still in the early stages, trying to determine which path forward is best, and staff,” Mousavizadeh said.
Bank of England and Financial Conduct Authority have been monitoring how financial services firms are using AI and Machine Learning in the UK. A recent survey of 120 firms found that 34 of them are already using AI in their business operations.
ING’s chief technology officer Daniele Tonell described the bank’s “conservatively-aggressive” approach to cybersecurity in an interview with Computer Weekly.
GenAI: innovatingHe said that ING had laid the foundations to prevent GenAI from becoming a tech toy’ conversation.
The bank is enabling development around GenAI in five areas: know your customer, call centres, wholesale banking to improve customer due diligence, retail for the hyper-personalisation of offerings, and inside tech for engineering.
We implemented a strict governance to focus all exploration of GenAI on five specific areas and only under the control the chief operating officer. This is important, because AI has gained so much attention and traction.
The challenger banks are more used to using AI. Zopa Bank CEO Jaidev Janardana, speaking at the Innovate Finance Global Summit, in London, said GenAI was being used by software development teams to help them write code faster.
It also supports productivity in our operations where it helps to understand customer sentiment and respond more quickly,” said Janardana.
Esther Shein,
Nearly one-third of GenAI projects will be dropped after a Proof of Concept
By Aaron Tan,”https://www.computerweekly.com/rms/onlineimages/money_g177553082_searchsitetablet_520X173.jpg”
Salesforce Financial Services Cloud receives GenAI
