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Laxman Pai, Opalesque Asia:

94% of UK-based financial services industry decision-makers believe that Artificial Intelligence (AI) has the most potential to revolutionise the sector over the next five years, considerably ahead of blockchain (53%) and the Internet of Things (24%).

A survey among UK-based executives covering the asset management, capital markets and private wealth sectors to identify the value-add delivered by new technologies now and in the future, conducted by Intertrust revealed that roles in operations, accounting and compliance most likely to be replaced or changed.

"83% of respondents believe that operations roles are the most likely to be replaced or dramatically changed by AI, robotics and blockchain, ahead of accounting (82%), and compliance (65%)," the survey report said.

While AI is seen as the clear frontrunner among disruptive technologies, its rollout is being hindered by a skills shortage. 41% of respondents said they are struggling to recruit AI specialists, ahead of those working in data-analytics (29%), cybersecurity (18%) and compliance (18%).

Over half (56%) said that cybersecurity and the potential for data breaches were by far the biggest technology risk to their business, considerably ahead of a shortage of skilled tech staff and the cost of upgrading legacy systems (both 12%).

Despite the importance of embracing new technology, the study revealed that many financial services firms have yet to upskill their wo......................

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