The UK Treasury has asked the Financial Services Skills Commission (FSSC) to prepare a report on AI focused skills requirements, training as well as ongoing tech advancements in financial services.
With AI talent in growing demand and increase in the technology’s overall adoption, the United Kingdom‘s government is aiming to take a forward look into the potential impact of the transformative technology on the financial industry’s existing business practices, workforce, and the skills required in the coming decade.
The report may offer an assessment of the so-called building blocks needed for effective AI adoption, deployment and use of artificial intelligence algorithms. Additionally, a clear plan is needed on how to effectively build the skills that the industry will need to remain competitive on an international stage.
The FSSC stated that it will work cooperatively with the City of London Corporation, TheCityUK, Lloyds Banking Group, as well as PwC in order to create a blueprint.
The Government in the United Kingdom has set a mid-2027 deadline for preparing this update, which may not be enough, given the considerable impact that AI is currently having on financial decision-making.
Research from Lloyds indicated that over half or 50% of UK adults have used artificial intelligence in the past year to assist them with managing their money – making personal finance the UK’s leading AI use-case.
Jas Singh, CEO, consumer relationship, Lloyds Banking Group, said that as AI becomes a significant part of our financial lives, trust should be the next frontier.
Singh added that consumers want to be sure the information they receive is reliable, adequately secure and tailored to their requirements. He explained that this is why banks have a key role – not just in offering the latest technology, but in combining it with expertise and an understanding of customer needs.
Here are some core objectives to be included in the report:
- An assessment of the impact of these technologies on the sector’s growth
potential and productivity, at national and regional levels, and on customers. - An assessment of the skills that the financial services sector will need for thesuccessful adoption, deployment and use of these technologies.
- A clear plan of how to build the skills that the sector will need, with
actionable and practical steps for the whole skills system, including
employers, employees, education and training providers, government at all levels, and others. This plan should consider the broader economic and fiscal picture, including the outcome of the Spending Review. - A cost-benefit analysis of the measures that are proposed, where
appropriate.
The Financial Services Growth and Competitiveness Strategy bas established mid-2027 for the release of this research, in the form of a final report to HM Treasury.