Confidence among UK financial services business leaders’ readiness for Artificial Intelligence (AI) and their actual plans for effective implementation is mismatched, according to a new report by Forvis Mazars, a leading global professional services network.
Forvis Mazars’ survey of over 50 UK financial services C-suite executives from businesses with a turnover of at least £500m found that AI adoption is primarily driven by short-term experimentation rather than strategic planning. This report comes as the Treasury Committee launches an inquiry into how financial services can utilise AI whilst protecting consumers against potential risks.
Despite all surveyed leaders feeling prepared for AI, the findings show that only 43% of businesses have a well-developed AI strategy, 31% have set clear objectives for its use, and over half (51%) have piloted AI solutions. The data suggests that while financial services firms exude confidence in their AI readiness, many have not yet put in place the critical systems and strategies needed for its successful and sustainable implementation.
The rush to adopt AI technology often hinders businesses’ ability to build the necessary foundations for successful and safe implementation.
For instance, only a quarter (25%) of business leaders are actively prioritising investment in data improvements, despite 57% ranking data quality as a top risk to AI adoption. Other major concerns include cybersecurity (57%) and cost/ROI (63%), while 65% of business leaders believe human oversight and regulation are essential for the success of AI.
Foyaz Uddin, head of data and digital advisory at Forvis Mazars in the UK, said: “Financial services, like most industries, are still in the early stages of their AI journey. Despite leaders’ confidence, there is still a long road ahead before AI becomes a core part of their broader strategy.
“To adopt AI effectively, businesses need a clear, top-down strategy with strong governance to manage investments and risks—whether cybersecurity, ethics, or sustainability. This also ensures responsible data use, protects consumers, and helps prevent companies from falling foul of the increasing legislation surrounding AI.
“Companies that integrate AI into their long-term strategic business plans will be best positioned to unlock its full potential and gain a competitive edge.”
On behalf of Forvis Mazars, Censuswide conducted an online survey among 300 C-suite executives, 50 of them from financial services firms, from businesses with a turnover of £500m+ between 19 and 24 September 2024.
