普华永道-AI驱动变局下的竞争力重构+Catalysing+Competitiveness+in+the+Age+of+AI

pWC

Catalysingcompetitiveness

intheageofAI

PwCChannelIslandsCEOSurvey

March2026

WelcometoPwC’ssecondChannelIslandsCEOsurveyreport

Lastyear,forthefirsttime,weincludedChannelIslandsCEOs

inPwC’sannualGlobalCEOSurvey,andI’mdelightedwehavecontinuedforasecondyearrunning.

Attheendof2025,wesurveyedbusinessleadersfromacrossGuernseyandJersey.TheirviewswereamongthoseofmorethanfourthousandCEOsfromaroundtheworldwhotookpartin

PwC’s29thAnnualGlobal

CEOSurvey

publishedinJanuary2026.

InthisChannelIslandsreport,wedelvefurtherintowhat’sfrontofmindforlocalbusinessleadersandhowthisalignsordiffersfrom

globalpeers.

Theyear2025wascertainlyaperiodofglobalchangeand2026is

continuingthistrend.Leadingthroughgeopoliticaluncertaintyand

acceleratingeffectiveartificialintelligence(AI)adoptionaretopprioritiesforCEOsglobally,andtheChannelIslandspictureisnodifferent.

BusinessleadersinGuernseyandJerseyarefeelingpositiveaboutthefuturebut,atthesametime,concernedaboutmanagingrisksand

keepingupwiththepaceofchange.Manyofthechallengesfacing

globalCEOs,suchasaccesstoAI-readytalent,areseenmoreacutelylocally.Butwecanalsoseedifferentiatingstrengths,suchasin

innovationcapabilitiesandcollaborations.

Weknowthatourislands’industriesandbusinessesneedtocontinuetoevolve.

PwC’sValueinMotion

researchdescribeshowsectorsarereshapingandcreatingnewgrowthopportunities.Oursurveyshows62%of

ChannelIslandsCEOshavealreadymovedintonewmarkets,withambitionformore.

Thatisalsoreflectedinourlocalindustry-specificresearch,suchasthe

PwCChannelIslandsWealthManagementInsights2025

whichshowshowthatsectorisseekingtoharnessshiftinginvestorexpectations.

Morebroadly,bothislandshaverecentlyundertakenreviewsof

jurisdictionalcompetitivenessandthefutureoftheirfinanceindustries.Alignedtothis,inFebruary2026,weweredelightedtohost

conversationsonbothislandsaboutopportunitiestocollaboratewith

theUKaspartoftheBritishfamilyoffinancialcentres,assetoutinthenew

PwCandTheCityUK

futurevisionforUKfinancialservices.

Examplesincludeleveragingtheislands’regulatoryagilityfortokenisedfundandinsurancestructures,and–asdiscussedinourRealEstateindustryeventslastmonth–datatrustsasstructuresforunlocking

monetisabledataandoperationalbenefits.

ActingonthefindingswillbekeytomaintainingandstrengtheningGuernseyandJersey’srespectivepositionsasleadinginternationalfinancecentresandplaceswiththrivingeconomies,

businessesandsocieties.

Withthatinmind,thisreporthighlightspracticalnextstepsforChannelIslandsCEOs,togetherwithacalltoactionforbothindustryleadersandpolicymakers.

AtPwCwestrivetobecollaborative,boldandoptimistic.Ibelievethis

alsodescribesourislandswhenweareatourbestandIlookforwardtoworkingwithyouall.

IwouldliketothankalltheCEOswhotookpartinthesurvey.

Ifyouwouldliketodiscussanyoftheissuesraisedinthisreport,pleasedogetintouch.

NickVermeulen

TerritorySeniorPartnerPwCChannelIslands

PwCCatalysingcompetitivenessintheageofAI2

PwCCatalysingcompetitivenessintheageofAI3

01Keyfindings04

02Leadingthroughuncertainty09

03MakingthemostofAI19

04Calltoaction26

Contents

PwCCatalysingcompetitivenessintheageofAIIKeyfindings4

01Keyfindings

PwCCatalysingcompetitivenessintheageofAIIKeyfindings5

Thisyear,45ChannelIslandsCEOstookpartinoursurvey

Exhibit1:Aboutthisyear’ssurvey

Wheretofindoutmore

ThisreportfocusesonfindingsfortheChannelIslands.

Fullglobalresultsandfurtherdetailsoftheunderlyingsurveymethodology

areavailable

here

.

Numberofrespondents

Atotalof45eligibleCEOsacrosstheChannelIslandsrespondedtothisyear'ssurvey,

upfrom35lastyear.

4,454CEOsparticipatedgloballythisyear.

ShareofChannelIslandsrespondentsbysector

BusinessservicesBanking/capitalmarkets AssetmanagementOtherfinancialservices TelecommunicationsRetail

Islandseconomies.

Other

ChannelIslandsCEO

surveyrespondentsoperateacrossarangeofsectors,predominantlyin

financialservices.

Thisisbroadly

representativeofindustrysectorsintheChannel

20%9%

4%2%

24%

24%

16%

OwnershipofChannelIslandsrespondententities

Aroundthree-quarters

ofChannelIslandssurveyrespondentsareCEOs

ofprivatelyownedcompanies.

18%

35%

Family-runPrivateequitybackedApartnership

Owner-managedOther

Thismayhaveabearingonfactorssuchas

strategyhorizonandaccesstocapital.

9%23%

15%

StructureofChannelIslandsrespondententities

CEOofasingleormulti-entityparentcompany

CEOofacountrysubsidiarywithinamulti-entityparentcompany

CEOofaproduct-oriented

subsidiarywithinamulti-entity

company

Other

36%

4%

9%

51%

51%ofChannelIslandsCEOsleadasingleor

multi-entityparent

company,whilst40%areCEOofasubsidiary.

Thismayhaveabearingonfactorssuchasriskexposure,riskappetite

andagencyforchange.

Overview:ChannelIslandsCEOsareinthefrontlineforchange

.tothosewhodon’t.

9/10

CEOsareconfidentaboutthenextthree

years’revenuegrowth,butlesssoaboutourislandeconomiesandtheirgrowthprospects.

62%

ofcompanieshavemovedintonewmarketsandservicesoutsidetheirownindustryinthelast

fiveyears.

40%

higherrevenuegrowthincompanieswith

establishedinnovationcapabilitiescompared

6/10

businessleadersareworriedwhethertheircompanyistransformingfastenoughtokeepupwith

technologyandAI.Only8%aresofarseeingbothcostsavingsandrevenuegrowthfromAI.

58%

ofCEOsseeavailabilityofkeyskillsasaneartermthreat.Onethirdareconcernedtheydonothavetherightleadershipskills.85%saytheydonothave

sufficientaccesstoAIexpertise.

7%

ofCEOtimeisspentonlonger-termactivitieswitha5+yearoutlook

PwCCatalysingcompetitivenessintheageofAIIKeyfindings6

PwCCatalysingcompetitivenessintheageofAIIKeyfindings7

ChannelIslandsheadlinemessages:Leadingthroughuncertainty

ChannelIslandsCEOsareconfidentaboutrevenuegrowth

•Localbusinessconfidenceaboutthree-yearrevenuegrowthishigherthanthe

globalaverage.

•Atthesametime,short-termconfidenceinthelocaleconomyisbelowaverage.

•ThissuggeststhatlocalCEOsarelookinginternationallyforrevenuegrowth.

•Fortheislands’focusonfinancialservicesjurisdictionalcompetitiveness,collaboratingwithbusinessesthatarevestedinthe

islandsiskey.

CEOsareconcernedaboutgeopoliticalrisks.Cyber

securityistheirtoppriority

•LocalCEOsidentifygeopoliticalandassociatedcyberriskastopconcerns.

•Theirtopactionindefenceistoimproveenterprise-widecybersecurity,includingagainstrapidly-risingAI-driventhreats.

•42%oflocalCEOsnowhaveprocessesforintegratingclimateriskandopportunityintocapitalriskallocations.

•Theislandsmustcontinuetoprotectthejurisdictionthroughappropriatefinancialandreputationalriskmanagement.

ThemajorityofCEOsarecompetinginnewsectorsandinvestingoverseas

•62%oflocalCEOshavebeguncompetinginnewsectorsandindustriesinthelastfiveyears.51%expecttodomoreinthenextthreeyears.

•63%areplanningtomakeinternational

businessinvestments.TopdestinationsaretheUK,US,UAEandLuxembourg.

•Thisalignswithhowfinancialand

professionalservicesareevolvingandourislands’continuedcompetitiveness.

CEOsneedtothinklongerterm

•LocalCEOsspendonly7%oftheirtimeonactivitieswith5+yearsoutlook.

•Toomuchtimefocusedontheshorttermmeanstheycouldmissbiggerthreats

andopportunities.

•Findingmoretimeforlonger-termactivitieswillensuretheirbusinessstaysrelevant.

PwCCatalysingcompetitivenessintheageofAIIKeyfindings8

ChannelIslandsheadlinemessages:MakingthemostofAI

AIadoptionispatchy,withmixedresults.CEOsneedtoscale

implementationwithout

compromisinggovernance

•58%oflocalCEOsareconcernedwhether

theircompaniesaretransformingfastenoughtokeepupwithtechnologyandAI.

•AIisalreadybeingdeployedacrossmany

businesses,butadoptionishighestsofarinsupportservicesandback-officefunctions.

•25%ofCEOshaveseencostsavingsduetoAItodate.Only8%haverealisedbothcostsavingsandrevenuegrowthsofar.

•WhilstmostlocalCEOsareconfidenttheyhavethecompanyculture,

techenvironment,andriskprocessesthatenableAI,only41%haveadefined

AIroadmap.

•Only15%ofCEOsareconfidenttheyhavewell-establishedAIfoundations.In2026,thepriorityisscalingimplementationwithout

compromisinggovernance.

CEOsneedtostrengthenthe

conditionsforinnovationtothrive

•82%oflocalCEOssayinnovationiscriticaltobusinessstrategybutonly9%have

well-establishedinnovationcapabilities.

•Thosethathavethefoundationsinplace,areoutperformingonrevenuegrowth

by40%.

•Theislandsmustleveragetheirstrengthsinconnectivityandagilitytoinnovate.

CEOsneedtothinkdifferentlyaboutleadershipandAItalent

•Lackofavailabilityofkeyskillsisanear-termthreatcitedby58%oflocalCEOs.

•33%oflocalCEOsareconcernediftheyhavetherightleadershipteam.

•Only15%oflocalCEOsagreeorstronglyagreethattheycanattracthigh-quality

AItalent.

•Astrategicworkforceplancombineson-islandandoff-island,outsourcingandagenticAI.

•Upskilling,reskilling,attractingandretainingtherighttalent,especiallyforAI,iscritical.

Yournextmove

Leadingthroughuncertainty:

•Setorrefreshaproactivecyberresiliencestrategy.

•Investinnewtalentattractionandupskilling

–withAIfluency.

•Carveoutmoretimeforlong-termactivities.

MakingthemostofAI:

•GetyourdataandbusinessprocessesAI-ready.

•Buildyourenterprise-wideAIroadmap.

•Furtherstrengthenyourinnovationcapability.

Weconcludewithacalltoactionforbusinessleadersandpolicymakers.

PwCCatalysingcompetitivenessintheageofAIILeadingthroughuncertainty9

02Leadingthroughuncertainty

PwCCatalysingcompetitivenessintheageofAIILeadingthroughuncertainty10

ChannelIslandsCEOsaremoreoptimisticabouttheirrevenuegrowththan

globalpeers,butensuringtheislands’competitivenessiskey

Exhibit2:12-monthoutlookforeconomicandrevenuegrowth

Question:Whatdoyoubelieveeconomicgrowthwillbeoverthenext12monthsintheglobaleconomyandyourlocaljurisdiction?

ShareofCICEOswho

believeglobalGDPwillimproveoverthenext12months

ShareofglobalCEOswho

believeglobalGDPwillimproveoverthenext12months

3%

2%

ShareofCICEOswhobelievelocalCIGDPwillimproveoverthenext12months

61%

2026

58%

2025

51%49%

20252026

2%

71%69%

20252026

Question:Howconfidentareyouaboutyourcompany’sprospectsforrevenuegrowthoverthenext12months?

ShareofChannelIslandsCEOsextremelyorveryconfidentintheircompany’sprospectsforrevenuegrowthoverthenext12months

38%7%

31%

20252026

GlobalChannelIslands

ShareofglobalCEOsextremelyorveryconfidentintheircompany’sprospectsforrevenuegrowthoverthenext12months

49%

38%

2025

2026

11%

ChannelIslandsCEOsarealittlemoreoptimistic

thantheiraverageglobalpeersaboutgrowthin

theglobaleconomyoverthenext12months.Thiswasalsothecaselastyear,althoughthedifferencehasnarrowed.

However,only49%ofChannelIslandsCEOsexpectimprovedlocaleconomicgrowthin2026,down

slightlyfrom51%lastyear,andlessthanglobal

CEOs’viewsofgrowthintheirjurisdictionsof55%.Nearlyfouroutoften(38%)oflocalCEOsareveryorextremelyconfidentthattheirownrevenuewillgrowoverthenext12months,which,althoughdownfromlastyear,isstrongerthanthisyear’sglobalaverageof31%.Lookingfurtherahead,nineoutof10(89%)ChannelIslandsCEOsaremoderately,very,or

extremelyconfidentthattheirrevenuewillgrowoverthenextthreeyears.Thisisstrongerthantheglobalaverageof86%.

Thisapparentmismatchbetweenlowerlocal

economicsentimentandhigherconfidencein

revenuegrowthreflectstheimportanceof

internationalmarketsforbusinessesonthe

islands,someofwhicharebecomingincreasinglyjurisdictionallyagnostic.Thispresentsboth

opportunitiesandchallengesfortheislands’futureeconomies.

“

Thishighlightsthereisno

roomforcomplacencyand

showswhyarenewedfocusonjurisdictionalcompetitivenessissoimportant.Local

economicsentimentwillnotimprovewithoutaconcertedefforttoboostthebusiness

environmentandthe

messagingofaconsistentandunifiednarrativethat

promotesthebenefitsofdoingbusinessinJerseyand

Guernsey.

ChristieViljoen

PwCChannelIslandsLeadEconomist

PwCCatalysingcompetitivenessintheageofAIILeadingthroughuncertainty11

Macroeconomicvolatility,skillsavailabilityandcyberriskarenowthetop

threethreatskeepingChannelIslandsCEOsawakeatnight

Exhibit3:ToprisksfacingChannelIslandscompaniesinthenext12months

Question:Howexposeddoyoubelieveyourcompanywillbetothefollowingkeythreatsinthenext12months?(Rankedfromlargesttosmallestexposure,basedontheshareof

respondentsindicatingmoderate,highandextremelyhighexposure.)

RankChannelIslandsCEOsGlobalUKUAEIRE

1

Macroeconomicvolatility

60%

1

2

3

1

2

Availabilityofkeyskills

58%

5

5

6

5

3

Cyberrisks

56%

2

1

2

4

4

Technologicaldisruption

51%

6

5

5

6

5

Inflation

40%

3

3

4

3

6

Geopoliticalconflict

40%

4

4

1

2

7

Climatechange

18%

8

8

7

8

8

Tariffs

16%

7

7

8

7

9

Socialinequality

9%

9

9

9

9

ChannelIslandsCEOscontinuetofeelexposedtothreatsarisingfromarangeofglobalmegatrendsandgeopoliticaluncertainties.Topofthelistlocallyismacroeconomic

volatility,alignedwithglobalCEOs.

However,ChannelIslandsCEOsseethelackofavailableskillsasasignificantlygreaterthreatthanelsewhere.

Withouttalent,theabilitytostaycompetitiveerodes.Theislandsneedtocontinuetoinvestintraining,alternativeresourcingmodels,talentattraction,retention,and

incentivisingoptimumworkforceparticipation.

Cyberrisknowranksasatopthreatacrossmost

jurisdictionsglobally.Thisyearthethreatisfurther

compoundedbybothgeopoliticaleventsandtherapidriseofnewfast-moving,AI-driventhreatvectors,including

agentically-empoweredbadactors,therapidadoptionofnewAItechnologieswithlimitedsafeguardsandAImodel-specificvulnerabilitiesincludingcontextpoisoningand

promptinjection.Giventheislands’reputationsassafeandsecurejurisdictions,withhighdependenceondigitalinfrastructureandcross-borderfinancialservices,cyberresilienceremainsfoundationalforcompetitiveness.

TechnologicaldisruptionranksslightlyhigherasathreatforChannelIslandsCEOsthanelsewhere.Thisreflectstherapidtechnologicaladvancesinmanyofourislands’economicsectorsandtheopportunitiesandchallengesarising.

“

Ourfinancialand

professionalservices-ledeconomyreliesheavilyonspecialisedtalent,

moderndigital

infrastructure,

andsecuredata

environments.Thesearetablestakesforamoderninternationalfinance

centre,andweneedtokeepchallenging

ourselveswhetherwecouldbedoingmore.

NeilHowlett

PwCChannelIslands

PartnerandAdvisoryLeader

PwCCatalysingcompetitivenessintheageofAIILeadingthroughuncertainty12

Improvingenterprise-widecybersecurityisthefirstlineofdefenceagainst

geopoliticalriskforallsurveyedChannelIslandsCEOs

Exhibit4:Plannedresponsestogeopoliticalrisk

Question:Towhatextentdoyouexpectyourcompanytotakeeachofthefollowingactionsinresponsetopotentialgeopoliticalrisk,overthenextthreeyears?

Improveenterprise-widecybersecuritytodefendagainstcyber-attacks

7%49%27%17%

Reducerelianceontechnologyprovidersbasedincountriesthatyouconsiderlesstrustworthy

7%5%13%

27%

44%

Exitfrommarketsthatbecometoorisky

9%13%

49%

29%

Restructuretaxobligationstomanagegeopoliticalexposure

14%

29%

57%

Reconfiguresupplychainandcriticalsupplies(e.g.minerals,components)activitiestocountriesthataregeopoliticallysecure

10%

17%

73%

ToaverylargeextentToalargeextent

ToamoderateextentToalimitedextent

Notatallortoaverylimitedextent

Note:Percentagesmightnotaddupto100dueto‘Don’tKnow’responses(0%-9%)

GeopoliticalriskisdrivingarangeofactionsinresponsefromChannelIslandsCEOsbutbyfarthemostcitedisimprovingcybersecurity.EverylocalCEOsurveyedsaidtheyexpectedtotakeactiontosomeextentoverthe

nextthreeyears.ThisisconsistentwithresultsfromtheglobalCEOs.

Cybersecurityrequiressustainedinvestment,but

generativeAIischangingthethreatlandscapeby

increasingthespeed,scaleandcredibilityofattacks.

Organisationsshouldstrengthenprevention,detection

andresponse,andbuildtheskillstorunthematpace

andsafely.

PwC’sDigitalTrustInsights2026

notesthatresiliencedependsonmorethantraditionalcontrols,thatAIenableddetectionandresponsematurityremains

uneven,andthatcapabilitygapsslowimplementation.Forpostquantumcryptography,focusonreadiness:

mappublickeyuse,assessvendorroadmaps,andplanphasedupgradesforlong-livedsensitivedataandcriticalauthentication.

ReducingrelianceonoverseastechnologyprovidersandplatformsmatterstosomelocalCEOs,especiallywheredataresidencyandresilienceexpectationsarerising.

Interestinsovereigncloudmodelsisincreasingin

severalIFCsandsomeEuropeannationstatesas

geopoliticalfragmentationandunpredictabletradepolicyincreasetheperceivedriskofcrossborderdependency.

“

Cyberthreatsare

evolvingfast,andAIis

acceleratingthescaleandsophisticationofattacks.FortheChannelIslands,wherefinancialand

professionalservicesrelyontrusteddata

andcross-border

connectivity,cyber

resilienceprotectsclientconfidence,regulatory

standing,andourlicencetooperate.

ChrisEaton

PwCChannelIslandsAdvisoryCTOandHeadofRiskAssurance

PwCCatalysingcompetitivenessintheageofAIILeadingthroughuncertainty13

Capitalallocation,includingmergersandacquisitions

22%

Supplychainandsourcing

22%

13%

Productdesignanddevelopment

18%

9%

ChannelIslandsCEOsaretakingpracticalstepstomanagerisksandcapture

opportunitiesarisingfromclimatechange

Exhibit5:Processestoaccountforclimate-relatedrisksandopportunities

Question:Towhatextentdoesyourcompanyhavedefinedprocessesthataccountfortheopportunitiesandrisksassociatedwithclimatechangeinthefollowingareas?

16%

4%

2%

4%

ToamoderateextentToalargeextentToaverylargeextent

Sustainabilityisnowacorepartof

businessstrategyandrequiresCEOstounderstandand

masternewdriversof

valuecreation

.Climatechangeandtheenergytransitionhavesetastaggering

amountofbusinessvalueinmotion,withglobalinvestmentintheenergytransitionalonereachingarecord$2.3trillionin

2025.Thisshiftisbeingdrivenbytheneedforcleanenergyinfrastructure,

decarbonisationofexistingassets,andtheurgentdemandforclimateresilience.

Thatiswhyit’sreassuringtoseethat42%ofChannelIslandsCEOsnowhave

processesforintegratingclimateriskandopportunityintocapitalallocations,37%ofthemintosupplychainandsourcing,and31%intoproductdesignanddevelopment.

ThelinktocapitalallocationisparticularlyimportantgiventheroleoftheChannel

Islandsasconduitsofcapitaltofinancetheglobalsustainabilitytransition,aswellas

theambitionsofbothislandstofurtherstrengthentheirpositionsascentresforsustainablefinance.

“

Thecapitalallocationresults

reflectregulatoryexpectationsonbothislandsforfinancialservicesentitiestoconsiderand,where

appropriate,manageclimateriskaspartoftheiroverallapproachtobusinessriskmanagement.Morebroadly,thefindingsreflectthe

transitionintheChannelIslandstoagreeneconomy,thebusinesscontinuityandlogisticschallengesarisingfromextremeweather

events,andtheopportunityarisingfornewconsumerproductsand

financialservices.

AliCambray

PwCChannelIslandsSustainabilityLeader

PwCCatalysingcompetitivenessintheageofAIILeadingthroughuncertainty14

ChannelIslandsCEOsareplanningtogrowtheirbusinessesoverthenext

threeyearstocompeteinawidevarietyofsectorsandindustries

Exhibit6:Futurebusinessgrowthtargetterritories

Question:Inwhichofthefollowingindustries(ifany),outsideofyourown,willyouseektogrowyourbusiness(includingpartneringwithotherstodoso)overthenextthreeyears?

22%

18%16%

16%

11%

11%

7%

7%

7%

4%

4%

4%

4%

Automotive

2%

Consumerpackagedgoods

2%

Mediaandentertainment

2%

Miningandmetals

2%

Oilandgas

2%

Pharmaandlifesciences

2%

Powerandutilities

2%

Transportationandlogistics

2%

Otherenergy,utilitiesandresources

2%

AssetandwealthmanagementRealestate

Businessservices

PrivateequityBankingandcapitalmarkets

TechnologyHospitalityandleisureInsurance

Retail AerospaceanddefenceEngineeringandconstructionSovereigninvestmentfunds

Telecommunications

PwC’sValueinMotion

researchdescribeshowsectorsarereshapingandcreatingnew

growthopportunities.

ItisclearthatvalueisindeedalreadyinmotionintheChannelIslands.AmajorityofCEOshavealready

beenactivelydiversifyingtheirbusinesses,62%havebeguncompetinginnewsectorsandindustriesin

whichtheyhadn’tpreviouslyinthelastfiveyears.

Thisisnotablyhigherthanthe42%ofCEOsglobally.Lookingahead,51%ofChannelIslandsCEOsare

planningtogrowtheirbusinessfurtherinotherindu