Less than half (43 per cent) of financial services firms have a ‘well-developed’ artificial intelligence (AI) strategy, despite all feeling confident that they are prepared for the technology, according to research by Forvis Mazars.

It found that while 100 per cent of the UK financial services C-suite executives surveyed felt AI-ready, only 31 per cent have clear objectives for AI use and 51 per cent have piloted AI solutions.

Forvis Mazars said that its findings highlighted that confidence among financial services business leaders about their readiness for AI and their actual plans for effective implementation was “mismatched”.

It added that AI adoption was primarily driven by short-term experimentation rather than strategic planning.

Furthermore, the firm argued that while financial services firms were confident in their AI readiness, many have not put the critical systems and strategies needed in place for its successful and sustainable implementation.

The ‘rush’ to adopt AI technology often hindered businesses’ ability to build the required foundation for implementation, according to the study, with only 25 per cent of business leaders actively prioritising investment in data improvements, despite 57 per cent ranking data quality as a top risk to AI adoption.

Other major concerns included cybersecurity (57 per cent) and cost/ROI (63 per cent), while 65 per cent of business leaders felt human oversight and regulation were essential for the success of AI.

“Financial services, like most industries, are still in the early stages of their AI journey,” said Forvis Mazars head of data and digital advisory in the UK, Foyaz Uddin.

“Despite leaders’ confidence, there is still a long road ahead before AI becomes a core part of their broader strategy.

“To adopt AI effectively, businesses need a clear, top-down strategy with strong governance to manage investments and risks—whether cybersecurity, ethics, or sustainability.

“This also ensures responsible data use, protects consumers, and helps prevent companies from falling foul of the increasing legislation surrounding AI.

“Companies that integrate AI into their long-term strategic business plans will be best positioned to unlock its full potential and gain a competitive edge.”

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