We also see the role of Customer Experience Designer being significantly changed by AI as it has the potential to revolutionise customer experience in banking, from chatbots and virtual assistants to personalised recommendations and predictive analytics. Customer Experience Designers will increasingly focus on leveraging AI technologies to create seamless and intuitive customer interactions across various touchpoints, such as mobile apps, websites, and in-branch experiences.
AI will also have an impact on the cybersecurity function. In particular, cybersecurity analysts/engineers within banking will have an increasing reliance on AI systems. Those cybersecurity professionals specialising in AI will also be responsible for detecting and mitigating AI-related security threats, such as adversarial attacks and data breaches, to safeguard sensitive financial information and maintain trust in banking services.
In addition, we have seen new AI driven roles start to develop such as AI Strategists/Consultants, and also expect to see the following new roles developing in banking:
AI Ethicist/Regulator: As AI becomes more integrated into banking, there will be a need for professionals who understand the ethical implications and regulatory requirements surrounding AI usage. These individuals will ensure that AI systems are deployed responsibly and comply with relevant regulations, such as data protection and privacy laws.
AI Model Validator: Given the critical role of AI in decision-making processes within banking, there will be a need for experts who can validate AI models to ensure their accuracy, fairness, and transparency. These validators will assess AI models for potential biases and errors, particularly in areas such as credit scoring and loan approval.
AI Product Manager: As banks develop and deploy AI-driven products and services, product managers specialising in AI will be responsible for overseeing the entire product lifecycle, from ideation and development to launch and maintenance. They will work closely with cross-functional teams to define product requirements, prioritise features, and ensure alignment with business goals.
Which technology jobs are under threat?
Peter Weston, Associate Director, Financial Services Practice:
“We’re rarely seeing technology roles in financial services being made redundant - but we are seeing a decrease in team size across IT, as AI can automate a lot of manual tasks and enhance the productivity of individual workers. We view helpdesk and support roles to be most at risk, but this also offers the opportunity for these workers to upskill and specialise more quickly.
We anticipate that specialist (narrow) coders/ programmers will also come under threat, as it will become increasingly important to have a wide skillset that enables coders to understand broad logic and utilise AI from this.”
Will the overall nature of the financial sector change due to AI, or is it more evolutionary?
Peter Weston, Associate Director, Financial Services Practice:
“We are seeing a real mix of views from technology leaders in the financial services sector, between those leaders who view AI as revolutionary and truly transformative for the industry, and those who view it as a rehash of ideas and technology which has been accessible for some time. Many technology leaders view this as just the beginning of a journey whose final destination is not yet clear: while AI could prove truly transformative, that may not be in the way or ways people are currently expecting. Ultimately, perhaps, no one knows exactly what the future holds and where the technology could take us.
Whatever the variation in individual views, there is a common belief in the industry that regulation and security need to be fully in place before real change can occur. For most firms, the face of the future is yet to clearly emerge.”
Summary
Overall, its fascinating to see examples of where AI is being utilised within the finance sector from helpdesk to client reporting functions. The influence of AI for data scientists/analysts as it creates more data and what impact this will have on this skillset. The increased need for cybersecurity professionals specialising in AI with new threats being created. The types of new AI roles being developed from AI ethicists and validators. And the interest in the roles that are under threat being associated to those that can be done by AI which Peter supported with the reduction in team size across IT.
About the authors
Peter Weston is Associate Director for the Financial Services based in our London Headquarters. With more than a decade of recruitment experience, Peter oversees multiple key accounts and consultants providing contract talent across Financial Services. He has extensive knowledge across different specialisms including project & change, risk, compliance, regulation, legal, marketing, finance and operations.
Akeesh Khokhar is Senior Consultant for UK risk, regulatory and compliance requirements across financial services. Akeesh has experience working with the largest investment banks, asset management/investment firms, hedge funds and fintech organisations. He is also Co-Chair of our DE&I council which strives to provide the most diverse and inclusive internal policies and practices for our employees and clients.
Find out more about our Financial Services practice here.
