Half of UK financial businesses have a well-developed AI strategy according to a study by Forvis Mazars, a professional services firm.
Just 43% have a well-developed AI strategy. In the poll of 50 executives from firms with turnover of at least £500m, 51% said they have piloted AI solutions.
It was found that 31% of firms have set clear objectives for AI use, while 25% are actively prioritising investment in data improvements. Two-thirds (65%) of executives said human oversight and regulation alongside AI was essential.
The research suggests that many financial firms lack the necessary frameworks for its safe and effective deployment.
Only 31 per cent of businesses have set clear objectives for AI use, and just 25 per cent are actively prioritising investment in data improvements.
The findings come as the UK government and regulators grapple with how to oversee AI’s rapid expansion in financial services.
The treasury committee’s inquiry will assess AI’s potential risks and benefits, by focusing on areas like fraud prevention and customer service automation.
Research by SoftwareOne reveals a stark human skills gap in maximising AI and cloud potential, as 97% of companies prioritise upskilling workforces
There is a vital human skills gap that needs addressing, as companies seek to make full use of AI and cloud technologies.
According to a study by SoftwareOne, a leading global software and cloud solutions company, there is a great need to bridge the human-machine divide.
Currently, the biggest pain point for companies in their digital transformation efforts is ensuring employee skills growth matches the rapid rate of innovation.
Meanwhile a new department is due to open at the University of Cambridge later this year will look at how artificial intelligence (AI) can boost the economy.
The university said The Bennett School of Public Policy would be the first major new academic department at Cambridge to be established this century.
Research priorities will include examining how to use AI in both the private and public sectors.
Are you AI ready?