Experts from Lloyds Banking Group and digital outfit Starling Bank are tasked with helping financial services firms seize the opportunities offered by artificial intelligence to drive growth, productivity and investment
HM Treasury has appointed two banking-sector experts to act as artificial intelligence champions for UK financial services.
The department said Harriet Rees of digital pioneer Starling Bank and Dr Rohit Dhawan from Lloyds Banking Group would help turn the current momentum towards AI “into practical delivery” through their extensive experience of working in the field.
HM Treasury said that around three quarters of UK financial firms currently use AI, with the technology expected to boost the economy, cut costs for firms and transform services for customers. It said independent analysis suggested that AI could add tens of billions of pounds to the financial and professional services sector by 2030.
According to the Treasury, the new champions – who are unpaid direct ministerial appointments – will focus on helping firms “seize opportunities at pace” at the same time as protecting consumers and financial stability.
Related content
- AI will not bring headcount reductions, HMRC chief predicts
- Government introduces measures to ‘make public sector data AI-ready’
- UK AI supercomputer retains Dell for £12m storage contract
Rees, who is group chief information officer at Starling Bank, and Dhawan, who is head of AI and advanced analytics at Lloyds Banking Group, will both report directly to economic secretary to the Treasury Lucy Rigby.
“Harriet and Rohit bring deep, real-world experience of deploying AI safely at scale,” Rigby said. “They will help turn rapid adoption into practical delivery – unlocking growth while keeping our financial system secure and resilient.”
Rees said the financial services sector was facing a “pivotal moment” to become a world leader in AI.
“I look forward to working with HM Treasury and the industry to create a world-class ecosystem in which innovation exceeds customers’ expectations and the transformative power of AI unlocks growth,” she said. “In turn, this will reinforce the UK’s status as the world’s most technologically advanced financial centre.”
Dhawan said AI had the potential to reshape the financial-services industry and that Lloyds Banking Group was already seeing how thoughtful and responsible adoption of AI can transform customer experience and the way a large organisation operates.
“I look forward to working with HM Treasury, regulators and industry partners to accelerate the trusted and effective use of AI across financial services and support the UK’s ambition to remain a global leader in financial innovation,” he said.
Both Rees and Dhawan are members of the Bank of England’s AI Consortium. Rees also co-chairs the Bank’s AI Taskforce.
