Join Finextra at our inaugural London event at the end of November to redefine the role of AI in financial services and explore the burgeoning UK AI market, which is poised for exponential growth.
As global interest in AI legislation strengthens, the development of trustworthy AI systems is becoming crucial for driving expansion. A recent SAP Concur survey reveals that 51% of CFOs plan to invest in AI in 2024, a significant increase from just 15% in August 2023.
The UK Government is supporting this trend, recently announcing that the demand for trustworthy AI systems in the UK is projected to grow six-fold over the next decade, potentially generating £6.5 billion for the economy. Currently, around 524 companies constitute this segment of the UK’s AI sector, employing over 12,000 individuals and generating more than £1 billion. These companies equip organizations with essential tools to safely develop and use AI, a need that is rising as AI continues to be integrated into various sectors.
To further promote this growth, an AI assurance platform will be established, addressing the increasing demand for assurance tools and services. The government also intends to collaborate with industry players to sketch out a new roadmap for navigating international standards concerning AI assurance.
"AI holds immense potential to enhance public services, increase productivity, and rejuvenate our economy. However, to harness this potential fully, we must establish trust in systems that are becoming integral to our everyday lives," said Peter Kyle, Secretary of State for Science, Innovation, and Technology. "The measures I am announcing today will provide businesses with the support and guidance needed to utilize AI safely and responsibly while positioning the UK as a hub for AI assurance expertise."
AI regulation, its secure implementation, and potential for improving efficiency and generating new revenue streams are key discussion points at Finextra’s NextGen: AI event on 26 November in London.
Discover our agenda and register today to join us in reshaping the conversation around AI in financial services.