1、Financial&professional services:The future of AI&the workforceCity of London Corporation&KPMG June 2024In association withForewordIn recent months,the sudden and very public exposure of generative Artificial Intelligence(AI)has created immense debate about the broader good,and potential risks,that A

2、I and Machine Learning can bring to society and the economy.From the overall questions of ethics and governance to sector-specific applications for innovative new use cases,the UK stands to be a global leader in this transformational new technology.Yet,as we stand on the precipice of a Fourth Indust

3、rial Revolution,marked by the rapid integration of AI and automation into our businesses,it is imperative that we pause to assess the implications of these transformative technologies on our workforce.It is always our shared aim to ensure that our Financial and Professional Services(FPS)sector be th

4、e best-in-class,driving UK plc,creating the wealth and jobs that support the economy and public services.That is why in our Vision for Economic Growth,the City of London Corporation highlighted the need to be a digital-first economy which leads on AI and machine learning.It is why we are doing lots

5、of work on AI to understand the opportunities,wider economic and societal impacts,regulatory and ethical considerations.1 Our UK financial and professional services industry is world-leading and globally respected.The UK tech ecosystem is widely considered one of the best in the world and this keeps

6、 global talent coming to innovative UK companies.The UK fintech sector attracts more than three times the investment in France,Germany,Hong Kong,Japan and Singapore combined,and globally ranking second only to the US2.According to our recent report AI-Accelerating Innovation,the FPS sector is a lead