Gen AI expected to change the face of graduate and entry-level roles
The impact of AI on entry-level and graduate talent is in focus for banks, insurers, and asset managers; 60% of executives surveyed expect new technologies to have a significant impact on the roles and tasks undertaken by those joining the workforce. To manage the impact, 35% of executives said they plan to integrate AI training within their graduate program, while a quarter (25%) are planning a more widespread restructuring of roles and responsibilities across entry-level positions. Another 28%, however, said they have not taken any action to offset potential knock-on impacts.
When asked to consider the top attributes that firms will seek as they recruit entry level talent for a GenAI-enabled workforce, the traits most cited by European financial services leaders were an innovative and interdisciplinary mindset, followed by being tech savvy and experimental.
The area of expertise most in demand from skilled talent, specifically in reference to AI integration over the next two years, is data science and innovation (the top choice for 45% of executive respondents), followed by information and technology (24%) and operations (14%).
AI knowledge, future regulation, and ethics are leaders’ top concerns
When asked to consider the top concerns presented by GenAI integration, European financial services leaders were most likely to cite limited understanding and experience of GenAI applications and their impact across the workforce (36%), followed by uncertainty about existing and pending potential regulatory impacts (29%), and ethical issues around GenAI (7%).
Concerns around the ethics of GenAI are centred on privacy (cited by 32% of all respondents), followed by transparency and explainability (23%), and the potential for discrimination, bias, and lack of fairness (23%). To manage potential ethical implications arising from GenAI integration, nearly a fifth (18%) of respondents claimed they have already put an AI ethics framework in place, with a further 30% in the early stages of development. However, approaching half (45%) of respondents stated their firm is yet to develop an AI ethics framework.
In terms of accountability, half (50%) of respondents reported that their firm’s technology team will be responsible for the integration of AI across the business, reporting to the Chief Information Officer (or equivalent position). Nearly four in 10 (38%) respondents said their firm remains in the process of defining lines of accountability.