Join Finextra at our inaugural London event at the end of November to redefine the role of AI in financial services and explore why the UK AI market is set to grow exponentially.
Editorial
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
As AI legislation starts to pick up across the globe, trustworthy AI systems are set to become one of the main factors to kickstart growth. Already, creating AI frameworks is driving interest in AI systems, with a SAP Concur survey finding that in 2024, 51% of CFOs are investing in AI, compared to only 15% in August 2023.
The UK Government is backing this sentiment, having published a press release this week stating that the UK’s market for ensuring trustworthy AI systems “is poised to grow six-fold over the next decade”, unlocking £6.5 billion for the economy.
“Around 524 firms currently make up this slice of the UK’s AI sector, employing more than 12,000 people and generating more than £1 billion. These businesses provide organisations with the tools they need to develop or use AI safely – which is in greater demand as AI is increasingly used by businesses and organisations across the country,” the report reads.
To boost this development, an AI assurance platform will be created to capitalise on this growing demand for AI assurance tools and services. The government additionally plans to partner with the industry in order to create a new roadmap designed to help navigate international standards on AI assurance.
“AI has incredible potential to improve our public services, boost productivity and rebuild our economy but, in order to take full advantage, we need to build trust in these systems which are increasingly part of our day to day lives,” Peter Kyle, secretary of state for science, innovation, and technology, is quoted. “The steps I’m announcing today will help to deliver exactly that – giving businesses the support and clarity they need to use AI safely and responsibly while also making the UK a true hub of AI assurance expertise.”
AI regulation and its safe deployment to boost efficiency, productivity and unlock new revenue streams are just some of the themes discussed at Finexta’s inaugural NextGen: AI event, taking place on 26 November in London.
Discover our agenda and register today to join us in reshaping the AI in financial services conversation.
