Half of UK financial firms lack AI strategy, despite feeling ‘AI-ready'
There is a significant gap between confidence and action in artificial intelligence (AI) adoption across the UK financial sector, a new report has found.
Professional services firm Forvis Mazars' report revealed that while all surveyed C-suite executives claim to be 'AI-ready', only 43 per cent of firms have a well-developed AI strategy.
Meanwhile, just over half (51 per cent) of the 50 surveyed executives from firms with turnovers of at least £500m, have piloted AI solutions.
The report also found that AI adoption is being driven more by short term experimentation than long term planning.
This comes as the treasury committee launches an inquiry into how AI could reshape banking, pensions, and other financial services while ensuring consumer protection.
Despite widespread confidence in AI's potential, 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.
Meanwhile, 57 per cent of leaders identify data quality as a major barrier to AI adoption.
Cyber security and cost return on investment were also cited as top concerns.
Further, over half (65 per cent) of executives believe that human oversight and regulation alongside AI was essential.
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.
Foyaz Uddin, head of data and digital advisory at Forvis Mazars in the UK, stressed the importance of a structured approach to AI adoption.
'Financial services, like most industries, are still in the early stages of their AI journey. Despite leaders' confidence, there is a long road ahead before AI becomes a core part of their broader strategy', he said.
'To adopt AI effectively, businesses need a clear, top down strategy with strong governance to manage investments and risks', he added.
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