Janine Hirt
CEO, Innovate Finance
For consumers, AI can help enable increasingly hyper-personalised financial support, smarter budgeting tools and more accessible everyday services, helping people make money work better for them.
Imagine a world where you can ask your AI assistant when your car insurance is due, and it will seek out quotes at the optimal time, securing you the best value without the hassle of paperwork and ultimately execute the entire payment on your behalf.
AI can also be critical in strengthening fraud detection and cybersecurity, protecting customers and businesses alike.
Building confidence in AI and the UK tech stack
For UK fintechs to deploy and secure AI services at scale, they must be built on high-quality, reliable data. Additionally, it must be connected to an individual, giving both security and confidence to the solutions being provided. This is where the broader tech stack becomes critical.
Innovate Finance, as the industry body representing UK fintech, has set out the necessity of developing a fully interconnected UK tech stack to maximise the AI opportunity.
Advancing key layers like smart data – structured data with secure connections firms can use, smart contracts — which can complete when triggered, fraud data sharing and digital ID, help create world-leading infrastructure that enables AI to operate at its full potential in financial services, driving productivity, innovation and growth across the wider UK economy.
AI can also be critical in strengthening fraud detection and cybersecurity, protecting customers and businesses alike
Becoming a world leader in AI innovation and adoption
The UK can become a world leader in AI innovation and adoption, and our innovative fintech industry can lead in facilitating this leadership within the financial services sector. However, this ambition will only be fully achievable if the Government and regulators collaborate with industry to progress the areas outlined above. To maintain our global competitiveness in financial services and cement our position as an international AI leader, we need bold and decisive action now. Other countries see the opportunity and are surging forward. It’s vital to our prosperity and security that we don’t let this opportunity pass us by.
