Speaking at the Parliamentary AI and Fintech Summit last night, which was chaired by Steven George-Hilley of Centropy PR and hosted by Watford MP Dean Russell, suggestions were made for companies to collaborate with the government to expand AI training in the fintech sector.

The UK finalized its plans for AI capabilities at a debate that was attended by over ninety industry experts, academics, and tech executives.

"The discovery and innovation in AI in the current century can be compared to the discovery of electricity in the 18th century, which was embraced by humanity and has evolved over time," stated Simana Paul, Global VP of Engineering at SumUp. We require AI governance, just as we have implemented the rules required to ensure that electricity is safe for all users. Adopting AI will be the difference to survive and grow in the current volatile macroeconomic environment, when fintech funding is drying up.
 

"Tackling the UK's digital AI skills crisis is critical for driving economic growth and creating meaningful employment for the next generation," stated Dr. Adeshola, CEO of Tritek Consulting. Too many young people struggle to get into the tech sector due to a lack of assistance and training. Extending opportunities and diversifying the talent pool are crucial if we are to create a dynamic and digitally savvy workforce.

"Even though AI is getting a lot of attention lately, it's not exactly new," stated Libero Raspa, UK Director at adesso. But like the internet or mobile technology, it's set to be one of the biggest game-changers of this century. However, integrating AI in a business is not something that can be done quickly. It's critical to understand that there are hazards and difficulties in addition to advantages. Every company must be prepared to safely implement AI, taking into account aspects such as infrastructure, change management, data security, and IT protection. It would be naive to ignore these issues and just focus on the benefits. Making the most of AI requires knowledge and careful planning.

Co-Founder of DKK Partners and successful fintech entrepreneur Khalid Talukder stated: "Innovative technology is the driver behind the future growth of not just the FinTech industry but the wider economy as well." Government and industry cooperation in fields like artificial intelligence (AI) is crucial to enhancing vital business operations like treasury management for SMEs, which can only drive economic growth through increased efficiency.