UK banks are leading against European rivals in their preparation for AI but still have much further to go to secure global leadership, new research shows. According to the result around a third of UK bank board members have technology experience compared to just 13 per cent in Europe. Every single bank board had at least one member with a technology background, compared to 78 per cent worldwide.
However, the research shows that progress has slowed. While there was an increase of 12 percentage points in the number of tech-savvy board members between 2015 and 2020, this has fallen to an increase of only six percentage points since 2020.
Many have predicted that the financial sector stands to be transformed through the use of AI with banks rushing to capitalise on the opportunities. Experts suggest AI could transform the way banks tackle fraud, assess credit risk and provide advice to customers. Prime Minister Rishi Sunak said last week that the UK work actively to advance AI.
Source: City A.M.