Executives list roles most at threat from technology

Financial services executives expect disruptive technology to replace or dramatically change accounting, operational and compliance roles.

A survey by Intertrust, an administration services provider, found 69% of the more than 500 respondents internationally – which included asset management firms – thought the increased use of AI, blockchain and robotics would mean change for these roles.

In operations, 68% of respondents said this area or activity would be impacted, while 60% opted for compliance as the types of roles most likely to change or, in some cases, end.

However, only a third of financial services firms have reached the stage of implementing disruptive technologies, the survey found, though two thirds saw the benefits of doing so.

Intertrust said the research suggested the financial industry is taking “a more measured approach” to adoption of disruptive technology.

AI was seen as the most significant technology and over 60% of respondents believed disruptive technology would deliver the most value by driving “back-end” operational efficiencies, particularly in areas such as KYC reporting, due diligence and compliance.

Stephanie Miller, chief executive officer of Intertrust, said: “With the hype surrounding disruptive technology in the financial sector it is easy to lose sight of reality. The findings from this study suggest that while the industry is positive towards new technology such as AI, blockchain and robotics only a minority of firms are currently putting it to use and the speed of travel remains cautious.”