Leaders at finance firms encouraged to 'continue to get to grips with' generative AI that could 'transform' sector, says KPMG

The professional services firm has found that about three in ten senior leaders in the financial services sector in Scotland use generative AI (which includes ChatGPT and which KPMG describes as a “game-changing technology, offering innovative ways to engage users and generate content with deeper insights”) at least once a day at work, with main business uses highlighted brainstorming and research. Across the UK, the average use of the technology by business leaders at least once a day was higher at 36 per cent, with the main purposes similar apart from a spike when it comes to writing speeches.

Usage by bosses is also encompassing their lives outside work, with almost half of those in Scotland saying they employ generative AI a few times a month in their personal time, and when asked about future uses, those surveyed highlighted customer data analytics and financial planning as potential areas for AI being deployed.

Katie Clinton, partner and regional head of financial services at KPMG UK, commented: “The widespread use of generative AI among financial services leadership highlights the awareness of its potential to transform the sector. As leaders continue to get to grips with the technology and learn iteratively, this will not only help to build proof-of-concepts around external use cases, but instil a culture that generative AI becomes a part of, from the top down. Despite some of the knowledge barriers, leaders must continue to get to grips with generative AI as a lever to long-term productivity, growth and competitiveness.”

Arleen Arnott, Edinburgh office senior partner and financial services partner at KPMG UK, said: “It is clear from this survey that AI is becoming a key part of the day-to-day running of financial services firms. From brainstorming and research to future financial planning and analysing customer data, the opportunities are endless if this technology is used in the right way.”

KPMG UK highlighted its AI-related activity in January of this year when it reported revenue growing by 9 per cent to just under £3 billion for the year to September 2023, saying increased client demand for advice on tax transformation and the use of generative AI from its tax and legal business delivered an 8 per cent increase in net sales.

It was also pointed out that globally, the firm and Microsoft had expanded their cloud and AI alliance to give colleagues early access to Microsoft 365 Copilot, Semantic Kernel, and Azure OpenAI Service, for its clients across audit, tax, and advisory, including piloting these technologies in the UK. It also said that in April 2023, a new global alliance with MindBridge brought “advanced” AI into KPMG’s digital audits, “further enabling the identification of unexpected or high-risk transactions and helping to provide enhanced audit quality”.