FEATURE : AI
Lack of upskilling and low regulatory preparedness is holding back deeper GenAI adoption within European financial services firms
According to the EY European Financial Services AI Survey , the majority ( 90 %) of firms surveyed have adopted AI into operations to some degree , but most remain in the early stages and 8 % have not integrated AI at all .
Leaders across Europe ’ s financial services sector continue to integrate Artificial Intelligence ( AI ) and Generative AI ( GenAI ) technologies into their operations to achieve productivity and efficiency uplifts , according to the second EY European Financial Services AI Survey – but only 9 % rank themselves ahead of the curve .
Whilst leaders ’ aspirations for a more AI-enabled business are high and 28 % say they have accelerated overall AI adoption over the last year , most firms remain in the early , experimental stages , especially when it comes to GenAI .
The new survey data , which canvassed the views of European financial services executives at over 100 firms representing an aggregate market cap of almost € 880 billion , found only 31 % of firms across Europe believe they are on track with overall AI integration . Just 11 % of executives say their firm is prepared for incoming AI regulation , and despite 78 % acknowledging their workforce has only some , limited or no experience of the newest GenAI-related
ONLY 31 % OF FIRMS ACROSS EUROPE BELIEVE THEY ARE ON TRACK WITH OVERALL
AI INTEGRATION .
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