#19 ?? AI's ￡500B Opportunity: Why 77% of Financial Leaders Are Acting Now (While Others Fall Behind)

Weekly AI Intelligence for Business Leaders | Nov 6, 2024

Good morning everyone,

Just out of a breakfast workshop with financial services leaders about AI adoption. Their revelation? Despite 60% of European institutions investing in AI[^1], most are struggling to unlock its value.

The pattern is clear: Heavy investment in technology, but limited returns due to one critical missing piece.

?? This Week's Critical AI Developments

1. EY's Bombshell Report: The 77% Wake-Up Call

Just released data shows 77% of European financial leaders expect GenAI to transform their workforce productivity[^1]. Yet here's the shocking part: 35% have no training plans in place. This gap between expectation and preparation is creating a massive opportunity for those who act now.

2. The Skills Emergency

Two-thirds of financial institutions predict 25% of roles will need AI upskilling within 12 months[^2]. But less than 2% of workforces are currently equipped to build AI capabilities. The race for talent is about to intensify.

3. City of London's Strategic Shift

New emphasis on technical AND strategic AI understanding - not just coding but knowing how to implement AI solutions effectively[^3]. Those bridging this gap are seeing immediate advantages.

?? Reality Check: The Numbers You Can't Ignore

- 75% of financial institutions increasing AI spend next year[^1]

- Only 10% have developed training plans[^2]

- ￡507.7B in market cap represented in latest surveys[^1]

- 35% plan to integrate AI training into graduate programmes[^2]

?? The CHASSIS Framework: What Elite Firms Are Doing Differently

While others debate, top firms are using this precise toolkit to transform their operations:

1. Strategy & Skills Assessment

- Map current capabilities

- Identify priority areas

- Build personalised learning paths

- Track progress systematically

2. Implementation Framework

- Start with quick wins

- Build Confidence through success

- Scale proven approaches

- Maintain momentum

3. AI Tool Integration

- Match tools to specific needs

- Ensure security and compliance

- Create clear usage guidelines

- Monitor effectiveness

4. Success Measurement

- Track productivity gains

- Measure skill development

- Monitor engagement levels

- Document value creation

5. Support & Development

- Provide ongoing training

- Enable peer learning

- Share best practices

- Celebrate wins

?? Quick Win for Your Team Today

Compare your team's readiness to the financial sector benchmarks:

1. What percentage need AI upskilling?

2. Do you have a training plan in place?

3. How does your timeline compare to the 12-month industry standard?

?? Quick AI Platform Guide

Think of AI platforms like cars - each has its sweet spot:

• Claude: The Tesla - Smartest and most security-focused. Great for deep analysis and sensitive work.
• ChatGPT: The Toyota - Reliable all-rounder. Good at most things, great starting point.
• Gemini: The Subaru - Excels at data and spreadsheets. Best with numbers and analysis.
• Copilot: The prototype - Promising but still in development. Wait for the next model.

? Prompt of the Week: The Personalisation Secret

The value of Generative AI is directly linked to the level of personalisation.

Try this: "Pretend you're my personal AI coach. Your job is to help me be more effective in my role as a [your profession]. Before we start, ask me three questions about my working style, challenges, and goals."

Why it works: Just like you wouldn't expect everyone to learn to drive the same way, AI needs to understand your personal style to start being at all effective. This prompt begins to create your "AI driving instructor" - personalised to how you work best.

?? The Power Move: This Week's Priority Action

Focus on the 35% gap: While most firms lack training plans, you can get ahead by:

1. Assessing current capabilities

2. Identifying priority skill gaps

3. Creating a practical upskilling timeline

? Final Thought

The data is clear: Financial services leaders are moving from AI experimentation to transformation. But success isn't about technology - it's about people. The winners will be those who bridge the skills gap first.

Remember: Top firms aren't just buying AI tools, they're systematically building AI-enabled workforces.

Let's connect if you want to explore how your team can get ahead of this trend.

Best,

Mackenzie

P.S. Some eye-opening statistics from our recent workshops:

- Teams seeing 40% productivity gains after proper AI integration

- 3x faster adoption rates with structured approaches

- 25% improvement in employee satisfaction

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Sources:

[^1]: [EY European Financial Services AI Survey](https://www.ey.com/en_gl/news/2023/10/majority-of-european-financial-services-leaders-expect-generative-ai-to-significantly-affect-productivity-and-change) (October 2023)

[^2]: [How Europe's FS leaders are approaching generative AI adoption](https://www.ey.com/en_gl/financial-services/how-europes-fs-leaders-are-approaching-generative-ai-adoption) (November 2023)

[^3]: City of London Corporation Report on AI Skills in Financial Services (2023)

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