AI is reshaping banking operations, delivering vast efficiency improvements but raising fears of job cuts. According to a Zopa–Juniper study, the technology could save £1.8 billion by 2030, while eliminating 27,000 jobs, mostly in customer service and back-office roles.
The biggest benefits will be realised in compliance, fraud monitoring, and risk management, where automation will save 154 million hours annually—82% of total time saved—and cut costs by £923 million each year. These tools are seen as vital for accuracy and meeting stricter fraud liability requirements.
On the customer side, more than £1.1 billion is set to be invested in chatbots and assistants that deliver personalised experiences. These technologies could save £540 million and free up 26 million staff hours annually, while portfolio management AI strengthens reporting without replacing advisors.
The job impact is significant: 14,000 customer service and 10,000 back-office roles are expected to be most vulnerable. However, the report underlines opportunities for reskilling into new areas such as AI governance and oversight. Zopa CTO Peter Donlon said this represents “a once-in-a-generation chance to reimagine the workforce.”
The sector is set for divergence: digital-first banks like Zopa are positioned to lead, while legacy players must modernise or risk irrelevance. Juniper’s Nick Maynard described generative AI as a tipping point for the industry.
