The Bank of England and Financial Conduct Authority published their fourth survey on AI in UK financial services. 86% of firms now use AI, up from 75% in 2024. Generative AI accounts for 56% of all reported AI systems. AI use remains concentrated in operations and IT, which holds 31% of systems. Only 7% of AI systems are rated as high materiality by firms. 80% of firms have deployed AI agents, mostly with limited autonomy. Third-party AI systems now make up 39% of all implementations. Firms cite operational efficiency and automation as the top benefits of AI. Data protection, security, and third-party risks are the highest-rated concerns. Most firms expect systemic risks like cyber amplification to intensify as AI adoption grows.
What changed
75% of firms used AI in 2024, with 17% of systems using foundation models.
What it unlocks
Firms can now deploy AI agents with limited autonomy for decision support across operations and IT.
- 86% of UK financial firms use AI
- 56% of AI systems are generative AI
- 80% of firms have AI agents deployed
- 7% of AI systems rated high materiality
Sources