Infographic – Top A.I. Work Impact Expected in Financial Services

Click on image for full-size view (Statista)

10 June 2023. Generative artificial intelligence is expected to affect more work processes in banking and insurance than other industries, according to a recent study. Data from that study by the consulting firm Accenture are displayed on a chart this week by the business research company Statista.

The Accenture study seeks to gauge the extent generative A.I., algorithms powered by large language models, can automate or augment work being done in a wide range of business sectors. The research team analyzed tasks performed by workers in those businesses by the extent those tasks involve language processing. Based on that analysis, Accenture says it can measure the potential for “A.I. co-pilots” to automate those tasks or augment workers’ capabilities to do their jobs.

The analysis ranks banking and insurance as the leading industries for generative A.I. impact, with about half or more of workers’ time in those sectors, 54 and 48 percent respectively, considered highly susceptible to automation by generative A.I. Another 12 to 14 percent of tasks in those businesses are rated as having a high potential for augmentation. Capital markets, another financial sector, ranked fourth overall with 40 percent of tasks considered with a high potential for automation and another 14 percent of tasks as candidates for augmentation by generative A.I.

On average, about three in 10 worker tasks (31%) are rated as having a high potential for automation by generative A.I., with another nine percent of tasks seen fit for augmentation; see page 11 of the report. At the bottom of the list are worker tasks in life sciences, industrial, consumer goods and services, chemicals, and natural resources, where about 20 to 25 percent workers’ tasks are considered with a high potential for automation with generative A.I.

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