Leaders from the technology industry have issued an urgent warning for the government to increase regulation and investment in artificial intelligence (AI) technology.

Speaking at last night’s Parliamentary AI and Fintech Summit, which was hosted by Dean Russell MP for Watford, and chaired by Steven George-Hilley of Centropy PR, proposals were put forward for businesses to work with the government increase training around AI in the fintech industry.

Over 90 industry experts, academics and tech leaders attended the debate, where the UK’s plans for AI skills were finalised.

Simana Paul, Global VP of Engineering at SumUp said: “The discovery and innovation in AI in the current century can be compared to the discovery of electricity in the 18th century, which was embraced by humanity and has evolved over time. Like we have put necessary controls to make electricity safe for everyone , we need AI governance. In the current turbulent macro economic conditions, when the investment in fintech is drying up, embracing AI would be the differentiator to survive and thrive.”

Dr. Adeshola, CEO, Tritek Consulting said: “Tackling the UK’s digital skills crisis is critical for driving economic growth and creating meaningful employment for the next generation. Far too many young people struggle to get into the tech industry, with a lack of training and support holding them back. If we want to build a dynamic, digitally adept workforce, then widening the talent pool is essential, as is increasing diversity and spreading opportunity.”

Libero Raspa, UK Director at adesso said: “Even though AI is getting a lot of attention lately, it’s not exactly new. However, it’s poised to be one of the biggest game-changers of this century, much like the internet or mobile technology. But you can’t just snap your fingers and implement AI in a company. It’s important to recognize that there are challenges and risks involved, not just benefits. Every organization needs to be ready to adopt AI responsibly, considering factors like data protection, IT security, infrastructure, and managing change. Simply relying on the positives without addressing these concerns would be short sighted. To make the most of AI, you need expertise and a thoughtful approach.”

Fintech entrepreneur Khalid Talukder, Co-Founder of DKK Partners, commented: “Innovative technology is the diver behind the future growth of not just the FinTech industry but the wider economy as a whole. Collaboration between the government and industry in areas such as AI is essential to improve core business processes such as treasury management for SMEs  that can only lead economic growth by being more efficient.”