Accenture predicts that AI will automate 50% of work in banking and insurance sectors currently done by humans. While this may lead to job displacement in some areas, the report suggests a net increase of 11% in full-time equivalent roles in banking due to the emergence of new positions requiring oversight and relationship management of AI systems. The report highlights the need for upskilling and reskilling of the workforce to adapt to these changes.
In banking and insurance, 50% of the work that gets done today could actually be executed and completed by technology on its own, Accenture says
Chief executives, she maintains, “actually don’t want to get rid of their people, that’s what our research is telling us. They really want the workforce to go on this journey with them”. But, she adds, many are not sure their workforce is up for all of the challenges involved. Accenture has invested heavily in the area, more than €3 billion in various ways to date, it says, leaving it well placed, O’Mahony believes, to capitalise as businesses here ramp up engagement with the technology this year.
Banking followed by insurance are at the top of the list followed by software and platforms then communications and media. Chief executives actually don’t want to get rid of their people, that’s what our research is telling us. They really want the workforce to go on this journey with them “Most organisations, are obsessed about growth and it’s been an interesting one for us, because when we talk to our clients about this, they’re actually saying: ‘You’re telling me, I can take those 11 people, and repurpose then into new growth roles?’ That’s really what we’re seeing as the trend,” she says.
More generally, she says, the depth and length of the recession here impacted on investment in the sort of cloud-based technology that O’Mahony contends is a vital stepping stone to large-scale generative AI integration. The process has already started, O’Mahony suggests, citing the rather simple example of a government department that Accenture works with. It recently used AI to complete a database of its customers, something officials said might previously have taken two or three years but which was ultimately completed in a fraction of that time.
By taking over much of the administrative and analytical workload, “Gen AI equips them to double down on a space in which only humans can make a difference. Gen AI can’t create that value for you. It can’t go out into the market and be empathetic, exercise really good judgment, build relationships with clients”.
Business AI Automation Jobs Banking Insurance Upskilling Reskilling
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