Businesses must do more to upskill AI capabilities among their workforce, with new figures showing that AI adoption across UK financial services is moving faster than employee readiness.

In a survey of 157 financial services leaders across the UK by training firm Multiverse, only 46% of financial institutions said they are heavily investing in AI upskilling, while 11% admitted having no formal AI training initiatives at all.

That’s leading to critical skills gaps, with organisations reporting a lack of tech talent in areas such as building AI features (40%), identifying AI use cases (37%), implementing AI projects (33%), and the establishment of ethical AI practices (30%).

Multiverse found that the knock-on effect of these AI skills shortages means that while more than two-thirds (67%) of financial institutions are now using AI for process automation, just 37% have reported it leading to transformative business results.

Despite that, most businesses are still racing ahead with AI adoption. Multiverse found that 64% are currently looking to AI to enhance their customer service functions, while 57% are hoping the tech can help with strengthening cybersecurity, and 52% want more AI for risk management and fraud detection.

However, that widespread implementation isn’t translating into noticeable positive impacts, with 47% of firms experiencing only moderate benefits.

Given the scale of AI investment organisations have committed to, even more surprising is that 9% of financial leaders admitted they aren’t measuring AI’s impact at all, which could be an underlying reason why just 37% of firms rate their AI maturity ahead of competitors and more than half (52%) classify themselves as still being in the early stages of AI maturity.

Multiverse’s data also suggests that there’s a wide gap between understanding of AI’s current impact and future expectations.

The study shows that financial leaders expect AI to radically transform almost every critical business function, including cybersecurity (64%), customer service (55%), regulatory compliance and reporting (48%), as well as process automation and operational efficiency (57%).

The success of this transformation hinges on leaders’ willingness to embrace AI, but the survey reveals a gap between their ambitions and actual readiness. While 36% of leaders see AI as a game-changer that will reshape their roles and unlock new opportunities, 12% worry that failing to adapt could render their positions obsolete.

“The future of financial services isn’t written by algorithms, but by the people who understand how to make those algorithms work for humanity,” said Anna Wang, head of AI and an AI advisory board member at Multiverse.

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The tech skills shortage is even clearer when considering Multiverse’s analysis of hundreds of FTSE 100 firms, which found that expertise and training are often missing from boardrooms’ top priorities.

Here, Multiverse found that while 69% of annual reports referenced technology as a strategic priority, only 7% made the same commitment to skills building and training.

According to the report, companies are not targeting skills development relating to the most consequential technologies that will shape the future of work. For example, while 97% of companies mention critical compliance and DEI training, only 34% referenced AI training, and just 10% provided a sum for how much they were investing in training.

“Technology tools are only as powerful as the people who use them,” said Euan Blair, CEO of Multiverse.

“Without prioritising people, companies will be left with tech strategies that are missing a key piece of the puzzle. The tech revolution will not arrive until companies connect the dots between tools and talent.”