A recent study conducted by FintechOS titled 'Generative Artificial Intelligence: The Technology Polarizing the Financial Services Industry' reveals that 73% of financial services executives express concerns about generative AI (GAI) potentially replacing their jobs in the future. The study, the largest of its kind, highlights the divergent opinions within the financial sector regarding the implications and impact of GAI. While 45% of respondents view GAI as a "friend," 40% consider it a "foe." Investments in GAI are substantial, with UK institutions spending between £800K and £1.6m, and US counterparts investing between $2.1m and $5m. Additionally, 66% of executives anticipate an average revenue increase of 20% due to GAI in the next three years, but 57% foresee job losses with an average workforce reduction of 30% in the same period.

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The study, based on responses from senior technology decision-makers in major banks and insurance companies in the UK and the US, reveals age-related differences in perceptions of GAI, with younger individuals being more positive about it. Larger firms, especially in the US, are more actively implementing GAI, though consensus is yet to be reached on the specific areas where GAI will have the most significant impact, including customer service, credit checks, lending automation, and market research.

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