Business use of AI to surge – but human skills will remain critical

Technology such as AI, robotics and quantum computing is set to dramatically reshape entire sectors over the coming decade, but the power of human interaction will continue to play a critical role, according to a new global HSBC report - which Head of Commercial Banking for HSBC in the Channel Islands and Isle of Man Aline Ayotte believes should resonate strongly with local businesses.

The report, ‘Digital Horizons: How emerging tech will shape tomorrow’s business’, surveyed 2,900 business leaders across eight markets globally, with respondents saying they plan to invest in their workforce to maximise the opportunities new technology will bring.

According to the study, 88% of business decision-makers globally expect that digital transformation will be important to success over the next ten years. However, only 60% believe their company is well prepared for the emergence of new technologies, with 82% saying they are investing in new talent in response to rapid advances in technology.

Within the UK specifically, a quarter (25%) of businesses said they were already using generative AI - and a further 50% said they intended to invest in AI within two years. In addition, while much of the commentary on AI has been around a threat to jobs, 79% of UK businesses said that generative AI would create opportunities for them.

Significantly for the islands as specialists in cross-border financial services, collaboration is identified in the report as fundamental to business success in the coming ten years. 83% of business leaders agree that collaboration beyond national borders, through international partnerships and networks is key to success.

Commenting on the findings, Aline Ayotte, Head of Commercial Banking, HSBC Channel Islands and Isle of Man, said: “As international centres for financial services and commerce, Jersey, Guernsey and the Isle of Man all place a strategic importance on developing cutting edge digital economies. As such, the findings of this latest global report should resonate clearly, particularly given the emphasis business leaders place on cross-border collaboration – an area where the islands all excel.

“Our customers are increasingly positive about artificial intelligence and the numbers embracing the opportunities it creates looks set to accelerate very quickly. In developing their own strategies against a global backdrop, it’s important that businesses in all three islands recognise the importance of investing in skills and the role that people play in harnessing the opportunity presented by AI.”

Barry O’Byrne, CEO, Global Commercial Banking at HSBC, said: “The fourth industrial revolution will transform businesses as new technology and ever-increasing levels of automation are integrated into the workplace. What our Digital Horizons report makes clear is that successful businesses will not see a diminished role for human skillsets. To remain competitive, businesses will need to harness new technology to empower teams to perform better, more efficiently and more creatively. This agility will require new ways of thinking and working, and different capabilities.”

The full report can be found here.