What Gov's AI investment means for financial services

Artificial Intelligence can revolutionise business productivity and efficiency across all industries.

industries, delivering significant competitive advantage for the UK. The fact that AI is so fundamental to changing the way we work is why this year’s National Business Awards will include a category awarding businesses leaders who are exploring the possibilities the technology has to offer. While the country is at the beginning of a transformative journey, fresh investment will spur on the change makers within our industries to prepare for what advanced AI means for them.

Financial services for example is a competitive market, and according to our recent research an increasing number of banking leaders are looking to implement artificial intelligence (42 percent) over the coming years. And it’s clear why, with the benefits of such technology said to be improving key business areas such as employee productivity (47 percent), operational efficiency (38 percent) and fuelling business growth (37 percent).

Within insurance in particular, it’s personalised services that can set insurers apart from their competitors. And what we’re already seeing is an attempt to integrate new technologies like AI across three key areas: customer experience, better assessments and adding value by mitigating risk. It’s a reflection that the future of insurance is predictive. Driverless cars is a great example of a consumer technology that will rely on AI, making the technology key to the relationship of insurers with their customers.

The country is at the beginning of a transformative journey, but with the promise that AI could transform not only business efficiency, but customer relationships, business leaders need to start thinking now about what AI means for them in order to stay abreast of the changes that fresh investment will bring.