More than 70% of survey respondents say they expect AI adoption to increase operational costs over the next three years
[FRANKFURT] Robots haven't come to your job yet.
Two-thirds of financial services companies are likely to initially increase their headcount as they implement artificial intelligence (AI), according to the study, raising questions about whether new technology will quickly lead to cost savings.
More than 70% of respondents in the Bloomberg Intelligence (BI) survey also said they expect AI adoption to lead to higher operating costs over the next three years.
A survey of 151 senior employees in the financial services sector published on Wednesday (December 10) found that the majority still expect productivity to rise more rapidly.
“Our findings confirm that the early stages of AI in financial services are likely to be more about building capabilities than cutting costs,” analysts Diksha Gera and Tomas Noetzel said in the report. “As automation increases, we believe cost rates could normalize by 2027-2028, enabling efficiency-driven profit growth.”
Companies across financial services are using AI to speed up services and reduce costs, with companies such as Dutch financial firm ING Groep, German insurer Allianz and US bank Goldman Sachs using the technology to cut jobs.
But analysts say adoption has so far been relatively slow compared to industries such as retail and technology, due to concerns about risk and compliance issues.
But in the long term, market observers generally agree that AI will have a significant and lasting impact on the industry, some of which could start to materialize next year, according to research from UBS Group.
“There is a fair chance that in 2026 the stock market will decide, perhaps based on still scant hard evidence, that banks will be among the biggest beneficiaries of rapidly advancing technology,” UBS analyst Jason Napier said in a note on Tuesday.
Respondents from a variety of industries rated the scale of AI disruption as “high” or “very high.” Research shows that pharmaceutical companies expect AI to reduce drug development costs by 16%, and media leaders expect lower content costs and personalized product offerings. Consumer companies believe that AI agents will become their shopping companions.
BI analyst Anurag Rana said executives from various industries are “competing to incorporate it into the core of their business.” “AI is no longer a side project.” Bloomberg
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