UK FS sector embraces GenAI

AI is no longer just a buzzword for the banks and lenders you partner with. New data from the Bank of England and the FCA shows that over 75% of UK financial firms are now using AI, with generative AI specifically seeing an explosion in adoption. For your business, this means the 'behind-the-scenes' of consumer financing is changing rapidly. Lenders are moving past simple automation and using GenAI for more complex tasks like credit risk assessment and customer service interactions. While most firms are currently using these tools for internal productivity, the shift toward customer-facing applications is coming. This could lead to faster loan approvals and more personalized financing offers for your customers. However, the report also notes that firms are proceeding with caution regarding data privacy and accuracy. As a retailer or service provider, you should expect your financing partners to become more tech-driven. This might result in smoother digital checkouts but also requires you to stay informed about how your customers' data is being handled by these evolving systems. The industry is moving away from manual back-office work toward automated, real-time decision-making.

Source: Finextra — Lending

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