Artificial intelligence is revolutionising the banking industry, driving efficiency gains but putting thousands of jobs at risk. A report from Zopa and Juniper forecasts £1.8 billion in savings by 2030, offset by the loss of 27,000 positions, largely in customer service and back offices.

The majority of the time savings—154 million hours annually, or 82%—will come from automating compliance, fraud detection, and risk management tasks. This is expected to lower costs by £923 million per year, while reducing human error and supporting new fraud reimbursement rules.

More than £1.1 billion will also be invested into customer-facing AI, including chatbots and digital assistants offering hyper-personalised services. These are forecast to save £540 million annually and free 26 million staff hours. Portfolio management AI is set to improve reporting and analysis while maintaining human advisors in the process.

Still, workforce disruption will be significant, with 14,000 customer service and 10,000 back-office jobs identified as most vulnerable. The report underscores opportunities for displaced workers to transition into roles overseeing AI governance, data strategy, and system accountability. Zopa CTO Peter Donlon called it “a once-in-a-generation chance to reimagine the workforce.”

The divide between digital-first and legacy banks is expected to widen, with AI-native players like Zopa holding an advantage. Juniper’s Nick Maynard warned that generative AI marks a tipping point—presenting risks for those slow to adapt but opportunities to redefine banking for those that embrace it.