FinTech industry leaders gathered in the House of Lords yesterday for a special debate on the impact AI will have on the future of the financial services industry.
The debate, chaired by Steven George-Hilley of Centropy PR, saw industry experts explore the challenges posed by the digital skills shortage.
Attendees examined new strategies for AI to improve compliance practices and digital transformation.
“For ambitious organisations striving for genuine transformation, it is essential to recognise that empowering people must be at the heart of every AI strategy,” said Arjun Mahajan, chief of client partnerships, AND Digital.
“This involves acknowledging the necessity of working with specialised partners who can assist in upskilling the workforce, ensuring that every program is both accountable and effective, ultimately driving long-term productivity.”
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Garth Newboult, delivery director, FDM Group added: “For fast growing financial services firms, the arrival of AI-enabled digital transformation presents a huge opportunity for cracking down on financial crime and speeding up KYC checks.
“Industry leaders need to have direct access to a robust talent pipeline of digitally adept, specialist staff to ensure every transformation project produces effective and tangible results.”
Sachin Agrawal, managing director, Zoho UK said: “The race to embrace AI brings with it huge opportunities, but also significant challenges when it comes to data security and compliance.
“As the financial services industry continues to accelerate digital transformation across core systems such as customer service, it’s crucial to recognise the need to work with providers who put privacy at the heart of their offering and have the necessary safeguards in place.”