There’s a lot of talk about AI right now, but when it comes to your team, you might still be wondering what all of this means for your day-to-day operations. In financial services, some businesses are using AI tools to streamline processes, while others are grappling with skill gaps, change fatigue, or confusion over what AI in finance really looks like on the ground.
At Godfrey Group, we’ve seen firsthand how employers are approaching this shift. Some are ahead of the curve, looking for data-savvy analysts and forward-thinking advisors. Others are still in exploratory mode—curious, but cautious. Both approaches are valid! But wherever you are on the curve, one thing is clear: artificial intelligence in financial services is here to stay.
What Does Artificial Intelligence in Financial Services Mean?
When we talk about AI in financial services, we’re referring to the use of technologies like machine learning, natural language processing, and automation to improve workflows, insights, and decision-making. Here’s what this looks like in practice:
- Financial forecasting and planning, supported by platforms like Alteryx or Microsoft Azure Machine Learning
- Fraud detection using tools like Feedzai or Darktrace, which flag suspicious activity in real time
- Customer service automation with AI chatbots powered by LivePerson or Zendesk AI
- Personalised reporting and advisory tools built with Salesforce Einstein or Addepar
- Data processing and reconciliation through tools like IBM Watson
From everyday administration to high-level strategy, AI in finance and financial services is showing up across almost every function. A recent KPMG Australia report found that 72% of organisations are already using AI in their finance functions, and nearly two-thirds say it’s delivering the ROI they expected or better.
Where Are the Opportunities with AI for Financial Services?
From our perspective, the opportunities with AI for financial services are promising, but it’s not all positive.
The Upsides:
- Efficiency gains:Repetitive tasks are being automated, freeing up teams to focus on higher-value work.
- Better client service:With AI-assisted personalisation, clients can receive tailored insights and faster responses.
- Stronger insights: AI can identify trends, spot anomalies, and help with forward planning.
The Downsides:
- Skills gaps: We’ve seen demand rise for finance professionals who can work alongside AI tools, but supply hasn’t caught up yet.
- Data security:As more sensitive information is handled by AI, your team needs to understand risk management and compliance.
- Mistakes without oversight:AI can make mistakes, so human review remains critical, especially in high-stakes environments like financial services.
- Ethical concerns: AI can reinforce biases in data, which raises concerns around fairness in lending and financial advice.
The ASIC is already warning businesses to tread carefully when it comes to AI for financial services. A 2024 review noted that governance gaps are emerging as AI is adopted without proper oversight or training, meaning there are missing policies, unclear accountabilities, or a lack of checks and balances around how AI tools are used, managed, and monitored.
What We’re Seeing at Godfrey Group
Our recruitment experts are seeing a shift in how roles are defined. Job descriptions are evolving to include analytical capabilities, adaptability, and confidence using new financial technologies. It’s no longer enough to be technically proficient; you need people who are open to new ways of working. Whether you’re hiring for a brand-new AI-driven role, reviewing your recruitment strategy, or looking to upskill your current team, we can help you identify what’s needed now and what you might need to build toward.
Your Team Might Not Be Ready For AI in Finance…Yet
So, how do you know if your team is ready for artificial intelligence in financial services?
We’ve been having this conversation with clients across accounting, superannuation, and wealth management. Many are realising they don’t just need new tools, they need different capabilities on their team. In some cases, that’s hiring for a brand-new skill set. In others, it’s about rethinking existing roles and team structures. Here are some questions to consider:
- What functions in your team could benefit most from AI?
- Are your current people equipped to work with these tools?
- Are your finance leaders confident in interpreting data-driven insights?
- Is there someone responsible for AI governance, privacy, and compliance?
- Are your customer-facing staff equipped to explain AI-informed decisions?
- What roles will you need in 1–2 years that you don’t have yet?
In our experience, the most successful teams aren’t necessarily the most technical—they’re the ones with a clear vision, the right mix of skills, and a willingness to adapt.
Find the Right Talent for AI in Financial Services
If you need help identifying the right people for this next phase of AI in financial services, we’re here to support you. From making your first AI-related hire to building a long-term strategy, we can connect you with the talent that aligns with your goals.
Ready to take the next step? Connect with Godfrey Group on 02 8004 9350 or submit your vacancy online today!
