Two new AI Champions have been appointed to help realise the opportunities of AI in financial services.
Independent analysis suggests that AI could add tens of billions of pounds to the financial and professional services sector by 2030.
Harriet Rees from Starling Bank and Dr Rohit Dhawan from Lloyds Banking Group have been appointed to help firms seize the huge potential of AI in financial services, and explore ways to accelerate safe adoption at scale, identify where innovation can move faster, and tackle barriers holding firms back.
The focus will be on ensuring firms can seize the opportunities AI presents with confidence while reinforcing the UK’s position as a global hub for financial services, technology and investment. These opportunities could include improving customer outcomes, boosting productivity and competitiveness, and maintaining trust, resilience and strong consumer protection.
Economic Secretary to the Treasury Lucy Rigby KC MP said: "Harriet and Rohit bring deep, real-world experience of deploying AI safely at scale, and they will help turn rapid adoption into practical delivery – unlocking growth while keeping our financial system secure and resilient."
Harriet Rees is Group Chief Information Officer at Starling, where she leads data, engineering, information security and product development. She is also Co-Chair of the Bank of England’s AI Taskforce and a member of the AI Consortium. She said: "Being appointed AI Champion for Financial Services is an exciting opportunity as the sector faces a pivotal moment to become a world leader in AI. I look forward to working with HM Treasury and the industry to create a world-class ecosystem in which innovation exceeds customers’ expectations and the transformative power of AI unlocks growth. In turn, this will reinforce the UK’s status as the world’s most technologically advanced financial centre."
Dr Rohit Dhawan is Group Director and Head of AI & Advanced Analytics at Lloyds Banking Group. He is also a member of the AI Consortium. He said: "It is a privilege to have been asked by HM Treasury to take on the role of AI Champion for financial services. AI has the potential to reshape the industry and at Lloyds Banking Group we are already seeing how thoughtful and responsible adoption of AI can transform customer experience and the way a large organisation operates. I look forward to working with HM Treasury, regulators and industry partners to accelerate the trusted and effective use of AI across financial services and support the UK’s ambition to remain a global leader in financial innovation."
