UK’s AI and quantum push: Financial Services is the sector ready to deliver at scale - PwC

Following the delivery of the Chancellor’s Mais lecture, Darren Ketteringham, Financial Services leader, PwC UK, comments on why financial services is the sector where the benefits of leading on AI and quantum computing could bear most fruit.

This follows the recent launch of the largest industry engagement exercise of recent times, No Time To Lose, by PwC and TheCityUK. The report, based on conversations with over 300 financial and professional services leaders, called for a shift from experimentation to certainty and scale, with clear delivery pathways, timelines and political backing for responsible innovation.

"AI and quantum will reshape the economy, but the gains will land fastest in sectors where the UK already has deep technical capability and global reach. The Chancellor is right that the UK should compete where it can lead - and financial services is the clearest example. It is a truly world‑leading sector and the country’s growth engine: channelling capital, managing risk, helping people save and invest, and running the infrastructure that keeps markets functioning.

“Financial services is among the sectors most exposed to AI, but also one of the few with the scale and expertise to deploy it effectively. The UK has a long record of pioneering financial innovation, from electronic trading to Open Banking, built on world class expertise, trusted regulation and a uniquely international market. That foundation means the industry can adopt new technologies safely and at scale. If AI and quantum take root here, the benefits will flow through to every sector that depends on financial services.

“Quantum matters as much as AI. It can sharpen risk modelling, strengthen fraud detection, and accelerate work on resilience. Today’s investment is good news because it helps anchor capability in the UK and supports the shift from experimentation to deployment.

“The direction of travel is encouraging; government is beginning to answer industry’s call for action, and firms are ready to scale these technologies. What matters now is providing the clarity and certainty that turns intent into investment, because when the direction is clear, innovation and growth follow.

“The UK has the foundations and is increasingly showing the ambition. The task now is confident, coordinated delivery that gives firms the certainty to invest, innovate and scale here.”