31 Oct 2023
The Global City in collaboration with EY Publication: How Artificial Intelligence is turbocharging UK financial and professional services
The report "AI: Accelerating Innovation" highlights the transformative role of Artificial Intelligence (AI) in the UK's financial and professional services (FPS) sectors. It reveals that FPS businesses are leading in AI adoption to enhance productivity, develop new products, and improve customer experiences. The sectors with the highest AI adoption rates are legal, IT, finance, and accounting. The report emphasizes the importance of clear regulatory guidelines for the safe adoption and scaling of AI, advocating for an outcomes-based approach rather than rigid rules. It also outlines the UK's vibrant AI ecosystem, which currently comprises 3,000 AI firms employing over 50,000 people, and suggests areas for further strengthening, such as digital upskilling.
Extract from publication on global artificial intelligence regulations.
The report also provides compelling statistics on AI's mainstream adoption. One in six UK organizations are using AI technology, and the FPS sector alone is projected to allocate $31 billion to AI investments by 2025. The report concludes that for FPS to remain at the forefront of AI innovation, there needs to be a focus on ecosystem enablers like digital upskilling, investment, and consumer protection guidance, balanced with appropriate regulatory considerations. It also notes that AI's impact is not just limited to efficiency and productivity; it extends to societal benefits such as financial inclusion, well-being, literacy, and sustainable finance.
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