In January 2021, an independent committee of experts in artificial intelligence (AI) published, the ‘AI Roadmap’, a report for the UK government to help develop an AI strategy for the future.
AI is poised to make a huge contribution to the UK’s economic growth in this decade – the AI Roadmap cites a survey which estimates that AI could increase UK GDP by 10 percent by 2030. Given the impact of Covid-19 on the economy, this contribution will be more important than ever. The paper acknowledges the impact of potential AI applications, discusses key challenges and sets out a roadmap for a nationwide strategy.
Over the last decade, the take-up and advances in cloud computing, improvements in AI algorithms and the explosion of data have already revolutionized AI-enabled technology in a number of existing products and services. These three mega-trends are only likely to accelerate going forward. For companies, it is a question of when, not if, they would start to incorporate this technology to drive business value.
Whilst the AI Roadmap doesn’t specifically discuss financial services, it piqued our interest given our active involvement in this intersect. At Capco, we have been in the weeds, helping financial services firms to fulfil their AI journeys. This paper is our view on the possibilities of AI in financial services, based on our experience and the UK government’s AI Roadmap. In our paper, we touch on how AI can help financial services firms, present some promising AI use cases for different financial service sectors and discuss the important considerations when building out your AI capability.
Download this paper to find out more.
For more information about our Data Science practice and AI capabilities, please contact the authors.