Background
Recently, Lloyds Banking Group has appointed Rohit Dhawan as a first group director of AI and analytics, who led AWS (Amazon Web Services) data and AI strategy in the Asia-Pacific region for nearly four years
Lloyds with over 50 use cases for AI across its functions including integrating the chatbot tools and fraud detection for cyber resilience. So far in 2024, the bank has recruited another 1,500 technology and data specialists, totalling to more than 4,000 over the past two years, showcasing their commitment in revolutionising financial services with AI technology.
With an estimated demand of Generative AI with an annual increase of 70% by 2027, Morgan Stanley was the first major Wall Street bank to create a product for employees based on Open AI’s GPT-4 chatbot. Where they recently appointed Jeff McMillan as its first Head of AI in March 2024, with the aim to transform the firm’s AI strategy and the future of digital finance.
Skill Changes in the current industry
With the increasing adoption of generative AI in financial services, daily tasks are being more efficient or some tasks being automated. Generative AI now has the capability to understand the historical context and predict next human action with summarisation capabilities. For example, from managing high volume of emails to automatically drafting messages with recommendations to the recipient, revolutionising the traditional way to interact with clients in banking.
Automation vs. Augmentation
Large Language Models (LLMs) are highly susceptible to fully or almost fully taking over 54% of the tasks, highlighting the reduction of human’s involvement in daily’s activities. With 12% of tasks have a high potential for augmentation where LLMs could assist but not fully replace human workers, 24% of work are still having the lower potential for augmentation or automation, with 10% of non-language tasks being replaced.
What’s inside for you
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