Most financial services firms lack clear AI strategy

The research, conducted on behalf of professional services network Forvis Mazars by Censuswide between 19 and 24 September 2024, surveyed 50 UK C-suite executives from financial services firms with a turnover of at least £500 million. 

The survey also found that just under a third (31%) of those financial services executives had clear objectives for AI use at their firms. 

Despite this, over half (51%) of those surveyed reported that their companies had piloted AI solutions.

According to Forvis Mazars, such figures suggest that the confidence of UK financial services business leaders in their company’s readiness for AI is mismatched with their actual plans for effective implementation.

A short-term approach to AI

The report suggested that, at many businesses, AI adoption is being driven primarily by short-term experimentation rather than strategic planning. 

It noted that only a quarter (25%) of business leaders were actively prioritising investment in data improvements – despite 57% ranking data quality as a top consideration for AI adoption.

“Financial services, like most industries, are still in the early stages of their AI journey,” said Foyaz Uddin, Head of Data and Digital Advisory at Forvis Mazars in the UK. “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,” he added.

AI is expected to create significant changes in a range of industries, including financial services and healthcare. The UK recently launched a trial to explore how AI could be used to support the early detection of breast cancer.