Financial services employees welcome growth of AI and new technologies [research]

New research reveals that the majority (52%) of financial services employees feel positive or very positive about the growth of AI. 62% say learning to use new technologies increases their motivation at work. More than half (56%) are also confident they have the necessary skills to work with more AI tools.  

The research, which polled 500 financial services employees (banking and insurance) in the UK and Ireland, was commissioned by payroll and HR software provider, Zellis. It suggests most employees are likely to embrace new technologies as adoption increases across the banking and insurance industries.  

Other notable findings show that 42% of respondents believe AI will help them to learn new skills. This figure rises to 60% of those who work for larger financial services organisations (1,000+ employees). Thirty-eight percent also believe new technologies will increase their productivity and efficiency at work. 

Financial services employees are also more comfortable with the idea of using AI for certain tasks over others. Across the board, respondents are most confident using it to recommend products and services (60%), perform admin tasks such as note taking (58%), and review documents and applications (57%).

Confidence drops notably when it comes to using AI for higher risk activities, however. Those who work in banking would be least confident in using AI to make investment decisions or inform lending agreements (36% and 28% respectively). Insurance workers are least comfortable in using it to inform underwriting decisions (41%) or handle customer queries (38%).   

Overall, the research presents a positive outlook for financial services companies looking to increase adoption and application of new technologies. However, some concerns remain. One in ten feels very negative about the growth of AI, 22% believe the adoption of AI will create difficulties and challenges, and nearly a quarter (23%) are not confident they have the necessary skills to work with new technologies.   

Commenting on the findings, Rebecca Mullins, Director of HCM Solutions at Zellis, said:

This research confirms that the majority of financial services employees are primed to embrace new technologies, and that spells good news for the industry’s future success. AI is creating opportunities for banks and building societies to enhance customer experiences through personalisation, while insurance companies are leveraging AI to gather and assess data more quickly for use in decision making and underwriting.” 

Rebecca Mullins, Director of HCM Solutions, Zellis

Mullins continued: “The opportunities are immense. But to thrive in this shifting landscape, employers must now focus on identifying how and where to optimise outcomes as new tools and platforms are introduced.” 

The research also asked about respondents’ use of current technologies. The majority say their existing tools are easy to understand and use (67%) and make their work easier (66%). However, a smaller number were less positive. Two in ten respondents feel frustrated because their current technology is not reliable, does not improve the customer experience, and fails to increase customer spend. 

“By leveraging these critical insights to better understand employees’ needs, wants, and concerns, financial services providers will be much better positioned to tackle issues of employee motivation and confidence – and crucially, build technology skills where they are most needed,” concluded Mullins. 

Download the full report for more insights

How can financial services organisations effectively prepare their people for new technology? Zellis surveyed hundreds of banking and insurance workers across the UK and Ireland to understand their attitudes, needs, and concerns. Discover these valuable insights for employers to drive better technology adoption and gain a competitive edge.