AI is rapidly reshaping banking, promising vast efficiency gains but threatening tens of thousands of jobs. According to a new Zopa–Juniper report, the technology could deliver £1.8 billion in savings by 2030, though at the expense of around 27,000 roles, mainly in customer service and back-office functions.

The report highlights that 82% of time saved—about 154 million hours each year—will stem from automating compliance, fraud prevention, and risk oversight. These efficiencies could reduce costs by £923 million annually, while improving accuracy and helping banks meet stricter fraud liability rules.

Customer-facing technologies are also attracting major investment, with more than £1.1 billion expected to be spent on chatbots and digital assistants. These innovations are projected to save £540 million and free up 26 million staff hours annually. Portfolio management AI is also expected to improve financial analysis and reporting without displacing human advisors.

The human cost, however, is clear: around 14,000 customer service jobs and 10,000 back-office positions are most at risk. Still, the report stresses opportunities for reskilling into areas such as AI governance and data strategy. Zopa CTO Peter Donlon framed the shift as “a once-in-a-generation chance to reimagine the workforce.”

Digital-native banks like Zopa are seen as best positioned to capitalise, while legacy banks face the challenge of rapid modernisation. Juniper’s Nick Maynard warned that generative AI represents a tipping point, with risks for unprepared players but transformative potential for those that adapt.