The banking and insurance industries are at the heart of digital disruption and convergence - new, innovative challengers and advanced technologies are changing market structure and taking a bite out of revenues.
75% of UK financial services firms now use AI, up from 58% in 2022, with a further 10% planning to use AI over the next three years. For incumbents, the time to act is now, and simply becoming a digitally better version of themselves isn’t enough to turn the tide. Like their competitors, banks need to become more relevant and harness digital to drive growth. They must rethink their business models and be bold in reorienting their organisations, or they risk being left behind as the industry changes around them.
The challenge now extends far beyond customer-facing digital channels. Financial services organisations are modernising core banking and insurance platforms, rationalising legacy estates, consolidating CRM, Finance, ERP, Risk and Compliance systems, strengthening cyber resilience and creating the data foundations required to support AI-enabled operations.
At the heart of this transformation is an increasingly sophisticated technology ecosystem. Firms are investing in cloud infrastructure, payments modernisation, customer engagement platforms, data and analytics, financial crime and fraud prevention, workflow automation, enterprise service management and AI-enabled decision support.
Artificial Intelligence is accelerating this agenda across fraud detection, financial crime, credit risk, underwriting, regulatory reporting, customer service, software engineering, operations and personalisation.
At the same time, regulatory scrutiny continues to intensify. Operational resilience, Consumer Duty, third-party dependency, cloud concentration, cyber security and responsible AI adoption are now central to the transformation agenda.
As financial institutions seek to modernise legacy platforms, reduce cost, improve resilience, unlock value from data and adopt AI safely at scale, access to experienced transformation talent has become a critical differentiator.
The opportunity is significant, but so is the need for strong governance, trusted data, operational resilience and responsible implementation.
Exceptional People has the high-calibre, specialist leadership and delivery capability required to turn strategic ambition into successful business outcomes.
