Accenture: Banks could raise revenues 34% by investing in AI and upskilling

By Jonathan Dyble
A new report from technology consultancy firm Accenture has revealed that banks could see revenues rise by more than a third by 2022 if they invest more...

A new report from technology consultancy firm Accenture has revealed that banks could see revenues rise by more than a third by 2022 if they invest more readily in artificial intelligence.

With the digital skills gap widening all the time, much of this investment will need to be focused on reskilling existing workforces in order to maximise this opportunity.

To highlight the ever-increasing digitisation of the working world, the World Economic Forum recently predicted that 65% of children entering primary school today will seek employment in jobs that do not exist within the current market.

However, in a survey of 100 banking executives and another 1,300 non-executive bank employees, Accenture found that just 3% of banks intend to significantly increase their investment in reskilling over the course of the next three years.

See also:

“Banks’ lack of commitment to upskilling and reskilling employees to learn how to collaborate with intelligent technologies will significantly hinder their ability to deploy and benefit from them,” said Alan McIntyre, Senior Managing Director at Accenture, and Head of the company’s banking practice.

“The only way for banks to benefit from applied intelligence is by ensuring that the data and systems are managed to be fair, transparent and accountable – and people are essential to training machines to achieve this ‘responsible AI.”

As many as 74% of those surveyed said that they believe the banking industry will be transformed by intelligent technologies, whilst 75% of employees place a high importance on developing the necessary skills in order to work with intelligent technologies.

Nevertheless, if banks fail to invest readily in facilitating this and fail to actively prepare their workforces, the industry will be unable to make the most of the beneficial technologies that are increasingly becoming available by the day.

“Banks – indeed, all financial services firms – have work to do before they can even determine how best to employ intelligent tools,” said Andrew Woolf, Talent & Organization lead for Accenture’s Financial Services practice.

“They can start by building an enterprise-wide strategy focused on applied intelligence, reimagining how work is done today and determining what steps they need to take to move to a state of advanced collaboration, where humans help AI to help humans.”

For more information, see the full Future Workforce Survey – Banking: Realizing the Full Value of AI report from Accenture.

Share

Featured Articles

KPMG appoints Global Head of AI to drive AI strategy

KPMG marks next phase in its AI strategy with appointment of Global Head of AI and launch of global framework for design, build and of use of AI solutions

Google unveils Gemini, its largest and most capable AI model

Google says its Gemini AI model is built from the ground up for multimodality — reasoning seamlessly across text, images, video, audio, and code

Technology key to integrating sustainability into strategies

Kyndryl & Microsoft study finds 16% of organisations have integrated sustainability into strategies while most view technology as key to achieving goals

Hitachi Vantara addresses cloud demand with Google Cloud

Cloud Computing

Google delays launch of long-anticipated Gemini AI model

AI & Machine Learning

Atos to deliver critical IT services to UEFA EURO 2024

Digital Transformation