Artificial Intelligence top become a disruptive force in UK financial services sector

An overwhelming majority (94 per cent) of UK-based financial services industry decision-makers believe that Artificial Intelligence (AI) has the most potential to revolutionise the sector over the next five years, considerably ahead of blockchain (53 per cent) and the Internet of Things (24 per cent). Intertrust, a provider of administrative services to clients operating and investing in the international business environment, surveyed UK-based executives covering the asset management, capital markets and private wealth sectors to identify the value-add delivered by new technologies now and in the future. Some 83 per cent of respondents believe that operations roles are the most likely to be replaced or dramatically changed by AI, robotics and blockchain, ahead of accounting (82 per cent), and compliance (65 per cent). While AI is seen as the clear frontrunner among disruptive technologies, its rollout is being hindered by a skills shortage. Some 41 per cent of respondents said they are struggling to recruit AI specialists, ahead of those working in data-analytics (29 per cent), cybersecurity (18 per cent) and compliance (18 per cent).