House of Lords Debate Explores AI’s Role in Compliance and Digital Transformation

Fintech industry leaders convened at the House of Lords for a high-profile debate on the transformative role of artificial intelligence (AI) in financial services. The discussion, chaired by Steven George-Hilley of Centropy PR, brought together experts to address key industry challenges, including the digital skills shortage and AI’s potential to enhance compliance and accelerate digital transformation.

Arjun Mahajan, Chief of Client Partnerships at AND Digital, emphasized the importance of human-centric AI strategies, stating:
“As businesses navigate challenging economic conditions, adopting AI for digital services will remain a top priority. True transformation requires investing in people, upskilling workforces, and partnering with experts to ensure AI programs are accountable, effective, and drive long-term productivity.”

The debate underscored the growing importance of AI in reshaping financial services, highlighting the need for strategic implementation to maximize its benefits while addressing workforce challenges.

Skills expert Garth Newboult, Delivery Director, FDM Group said: “For fast growing financial services firms, the arrival of AI-enabled digital transformation presents a huge opportunity for cracking down on financial crime and speeding up KYC checks. As banks rush to digitise these core systems, having the specialist skills on hand to enable the smooth implementation of new software as well as expert consultancy around data management is crucial for reducing risk. There’s no point in investing heavily in the latest tech platforms if staff lack the skills and knowledge to use it effectively.  Therefore, industry leaders need to have direct access to a robust talent pipeline of digitally adept, specialist staff to ensure every transformation project produces effective and tangible results.”

Meanwhile Sachin Agrawal, MD, Zoho UK said: “The race to embrace AI brings with it huge opportunities, but also significant challenges when it comes to data security and compliance. As the financial services industry continues to accelerate digital transformation across core systems such as customer service, it’s crucial to recognise the need to work with providers who put privacy at the heart of their offering and have the necessary safeguards in place. With reducing risk a major priority for banks, we’re also seeing a shift towards working with tried and tested suppliers, who can offer a diverse suite of services, securely.”