The UK government has appointed senior technology executives from two banks to lead the integration of artificial intelligence (AI) in the financial services sector. Harriet Rees, the Chief Information Officer (CIO) of Starling Bank, and Rohit Dhawann, the AI chief at Lloyds Banking Group, will report directly to Lucy Rigby MP, the economic secretary to HM Treasury. This initiative aims to ensure the safe and effective adoption of AI technologies within the industry.
The appointments are part of a broader strategy following recommendations made by Matt Clifford in the AI opportunities action plan. The government intends for the two appointees, who are serving in their roles on a voluntary basis, to assist the financial sector in leveraging AI “safely at scale.” The urgency of this initiative has been underscored by a report from the Treasury Select Committee, which indicated that the current regulatory approach towards AI in financial services could expose the UK public and financial system “to potential serious harm.”
In response to these concerns, Rigby expressed optimism that the new AI champions would mitigate risks associated with AI deployment. “[They] 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,” she stated. The government has outlined that Rees and Dhawann will focus on helping firms realize the vast potential of AI in various financial services, including insurance, capital markets, retail investment, asset management, and wholesale services.
To fulfill their mandate, the executives will engage with industry players, regulators, and other stakeholders, providing support to HM Treasury ministers and officials. These contracts are set to run until September of this year, with a possibility for extension based on the outcomes of their efforts.
However, some industry experts are questioning the decision to limit the initiative to just two champions. One IT professional in the banking sector noted, “My immediate reaction was, why only two people? I would have thought they would need more than that, including people from AI companies and more representation from big banks.”
Chris Skinner, a fintech industry expert and CEO at The Finanser, acknowledged the government’s proactive stance in AI oversight but echoed calls for a broader representation. “The fact they have chosen Starling and Lloyds is good, but they need a wider brief as there are more innovative firms, like Revolut, out there. And why are there no AI industry champions chosen from the big players like Microsoft and Alphabet?”
The move to appoint AI champions is indicative of the increasing recognition of the importance of responsible AI integration in finance. As AI technologies become more prevalent in various sectors, the financial services industry faces unique challenges, particularly concerning cybersecurity and ethical standards. The involvement of experienced technologists could provide the necessary insights to navigate these complexities, but the call for a more inclusive approach reflects the diverse landscape of the AI industry.
As the UK government endeavors to champion AI within financial services, the focus will likely remain on balancing innovation with safety and regulatory compliance. The future of these initiatives could set a precedent for how AI is governed in other sectors, underscoring the critical need for a collaborative approach that includes a multitude of voices from across the industry.
See also
Bank of America Warns of Wage Concerns Amid AI Spending Surge
OpenAI Restructures Amid Record Losses, Eyes 2030 Vision
Global Spending on AI Data Centers Surpasses Oil Investments in 2025
Rigetti CEO Signals Caution with $11 Million Stock Sale Amid Quantum Surge
Investors Must Adapt to New Multipolar World Dynamics
