UK finance staff embrace AI but fear lack of training
New research has found that artificial intelligence is now widely used by employees across the UK financial services sector, with staff expressing clear concerns about training, compliance, and the oversight of AI systems.
A survey commissioned by Smarsh and conducted by OnePoll canvassed the views of 2,000 adults working in UK financial services and insurance. The findings show more than a third (37%) of employees often use public AI tools, such as ChatGPT or Microsoft 365 Copilot, as part of their regular work routine. However, the data also highlights uncertainties regarding effective regulation and monitoring of these technologies.
Uncertainty over regulation
Nearly a third (31%) of those surveyed expressed concerns about their organisation's ability to meet or apply regulatory obligations specifically to AI Agents, defined as systems able to perform tasks without human intervention, such as chatbots. The research further reveals that 38% of employees are not sure whether their organisation has implemented tools and processes capable of capturing and monitoring the outputs of AI tools, while another 21% state that they know such arrangements do not exist in their workplace.
Issues around transparency and trust were also noted. The survey found that almost 70% of respondents would feel more confident using AI tools if all outputs were captured and monitored to ensure transparency. Despite the enthusiasm for productivity gains, employees want robust protections to mitigate risks associated with data privacy, accuracy, and regulatory compliance.
AI at the front line
The study brings further insight into the use of AI systems for customer engagement within the industry. Almost half (43%) of the workforce surveyed report that their organisation employs AI Agents for customer communications, including delivering personalised financial advice. Additionally, a quarter (22%) confirm their firm is using AI technology for investment activities, such as making trade recommendations and managing portfolios.
The findings come as the Financial Conduct Authority (FCA) prepares to offer UK financial services firms an AI live testing service designed to support the rollout of consumer-facing AI applications and ensure industry standards are met.
"AI adoption in financial services has accelerated rapidly, with employees embracing these tools to boost productivity. But with innovation comes responsibility. Firms must establish the right guardrails to prevent data leaks and misconduct. The good news is that employees are on board—welcoming a safe, compliant AI environment that builds trust and unlocks long-term growth," said Tom Padgett, President, Enterprise Business at Smarsh.
Despite widespread use of AI, the study found a training gap, with 55% of employees indicating that they have never received any official instruction on how to use AI tools effectively and safely within their business operations.
Compliance and data concerns
The survey also highlighted anxieties about information security. Nearly 29% of participants report worrying that they don't know where potentially sensitive data goes when AI Agents are used in their organisation. Concerns revolve around data leaving the secure confines of corporate IT systems and being processed by third-party platforms.
"Using public Al tools without controls is digital negligence. You're effectively feeding your crown jewels into a black box you don't own, where the data can't be deleted, and the logic can't be explained. It's reckless. Private tools like Microsoft 365 Copilot and ChatGPT Enterprise are a step in the right direction. Still, if companies aren't actively capturing and auditing usage, they're not securing innovation- they're sleepwalking into a compliance nightmare," said Paul Taylor, Vice President of Product at Smarsh.
The survey results come at a time when UK regulators and industry bodies are focusing increased attention on the potential risks and benefits associated with large-scale AI adoption. Efforts to introduce real-time monitoring and auditing, as well as providing more training and guidance to staff, are seen as priorities to support the safe use of AI in a sector governed by strict rules on client data, privacy, and market conduct.
Smarsh, which provides compliance solutions for financial services firms, argues that adopting strong oversight practices will help organisations meet regulatory demands and reduce reputational risk. As AI use in the industry continues to expand, the balance between productivity gains, regulatory obligations, and employee confidence will remain a key consideration for firms across the sector.
