Emerging tech tops growth priorities at UK finance firms

The Lloyds Bank Financial Institutions Sentiment Survey found emerging technology is the top growth priority for UK finance firms. More than 100 senior decision-makers at banks, insurers, private equity firms and asset and wealth managers took part. Seventy-seven percent identified emerging-tech investment as a growth priority and 93% ranked artificial intelligence as the most impactful technology over the next five years.

The survey showed emerging-tech priority rose from 41% last year to 77% this year, the first time in the survey’s ten-year run that it ranked highest among growth priorities.

Respondents reported planned spending increases: 64% expect to raise overall expenditure and 91% said they will increase technology spending.

Confidence measures also rose. Ninety-four percent expect their business to grow over the next decade, up from 81% last year. Seventy-one percent backed the UK to retain a strong role in international financial services, compared with 60% a year earlier.

Rohit Dhawan, group executive director of AI at Lloyds, described AI as having ‘crossed a threshold’ and urged parallel investment in technology, talent and governance to deploy it responsibly.

Lisa Francis, global head of corporate and institutional banking coverage at Lloyds, noted firms are using technology, data and talent to support long-term growth and to shape future competitiveness.

Lloyds plans internal training for all 67,000 employees through an AI Academy that will offer interactive modules, short courses, articles, podcasts and community learning. The programme begins with a mandatory module on responsible, safe and ethical AI use. Ron van Kemenade, group chief operating officer, said scaling AI requires moving real use cases into production to simplify processes and personalise services, and that investing in staff skills enables responsible, rapid deployment.

The survey reported many firms are shifting budgets to technology and focusing on practical applications of AI and data to improve productivity, strengthen client relationships and open market opportunities rather than running pilots alone.