UK Industrial Strategy to investigate how AI can boost legal and financial services

UK Business Secretary Greg Clark commisions research into how AI can modernise the UK's financial and legal services whist providing better services to customers.

Business woman stands on robot hand
Traditional visions of artificial intelligence (AI) envision robots replacing workers in factories and the loss of repetitive production line jobs. However, AI is now set to modernise some of the UK's most financially lucrative legal and financial service industries. New research commissioned by the Business Secretary Greg Clark is looking into how AI can improve productivity in legal and financial services and improve customer experience.

Focus sectors for AI research

The projects are to be funded by a £3 million Industrial Strategy Fund and will focus on:
  • Technology Driven Change and Next Generation Insurance Value Chains - working with customers and business the project will consider how AI can speed up deliver of insurance services, such as underwriting and claims processing, to save customers money
  • Unlocking the Potential of AI for Law - bringing together academics, lawyers, businesses and programmers the project will look at how to develop the skills, training and codes of practice to use AI in unlocking the potential for good in the legal sector
  • Innovating Next Generation - the project will work with mid-size firms from law and accountancy to consider the future uncertainties about the roll-out of new AI technologies in accounting and legal services
Business Secretary Greg Clark said, "The UK is the home of AI - from Alan Turing’s pioneering work to today’s growing use of AI throughout the economy."Artificial Intelligence is changing how we work, live and play."Through our modern Industrial Strategy, we want to build on our history of innovation to develop and deploy AI to create new opportunities and improve services across the whole economy."

Read more on the UK Government's Industrial Strategy in the winter 2018 edition of Relocate Magazine 

Value of UK financial and legal service industries

Service industries account for almost 80% of the UK economy. Financial and professional services employ around 2.2 million and are valued at £190 billion.With the UK set to leave the European Union, ensuring future competitiveness in legal services is a priority for government and business.Lord Chancellor David Gauke commented that AI will transform the industry, by speeding up the review of contracts and potentially predicting the outcomes of cases.Lord Gauke summarised that, "This new funding will foster innovation and increase understanding of AI to strengthen the UK’s reputation as a global centre for legal services and emerging technologies."The research funding may appear extremely timely as two new studies identified skills gaps where businesses are failing to prepare staff with the skills to and harness the potential of AI; and in addition how the harnessing of AI could help to fill skills shortages that may emerge when Britain leaves the EU.

The Modern Industrial Strategy

The Department for Business Energy and Industrial Strategy published their modern Industrial Strategy in November 2017 in which artificial intelligence and the data-driven economy was identified as one of the four Grand Challenges.The strategy is designed to build on Britain's economics strengths, address its productivity, embrace technological change and support businesses and its workers.Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Global Mobility Toolkit download factsheets resource centreAccess hundreds of global services and suppliers in our Online DirectoryClick to get to the Relocate Global Online Directory 

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