Unlocking the Potential of AI in Finance: Insights from Hays’ Latest Research

The financial services sector is going through important changes driven by the increasing adoption of Artificial Intelligence (AI). According to the latest research from Hays, this shift is reshaping the way financial institutions operate, offering opportunities for innovation and growth. The report also highlights a critical gap: the need for advanced training and skills to fully harness AI’s potential.

AI’s Transformative Role in Financial Services

AI is no longer a concept of the future—it’s here, driving real-world solutions. Financial institutions are increasingly using AI to analyse vast amounts of data, offering personalised services to customers while optimising back-office processes. Machine learning, a subset of AI, plays a pivotal role in predicting customer behaviour, identifying trends, and automating tasks that were previously time-intensive.

Moreover, the use of AI in areas such as fraud prevention and regulatory compliance is becoming a game-changer. By detecting anomalies in real-time, financial institutions can protect their customers and build trust. As the technology matures, its applications are expanding into climate finance, open banking, and beyond.

The Growing Skills Gap

While the potential of AI is undeniable, Hays’ research identifies a pressing challenge: a shortage of skills within the sector. For organisations to fully embrace AI and leverage its capabilities, there must be a concerted effort to upskill existing teams and attract new talent.

The findings emphasise the need for a workforce that understands both the technical and ethical dimensions of AI. This includes data scientists, AI engineers, and professionals equipped to interpret complex outputs. Equally important are skills related to AI governance, ensuring the technology is used responsibly and inclusively.

Collaboration is key

The solution lies in collaboration. Businesses, academia, and policymakers must work together to bridge the skills gap. Initiatives such as targeted training programmes, partnerships with educational institutions, and support for lifelong learning are essential.

Scotland, a recognised leader in financial innovation, is well-positioned to take the lead. With a thriving cluster of fintech firms, universities excelling in AI research, and a supportive regulatory environment, the country is already a hub for fintech advancement.

My Experience with FinTech Scotland – A United Nations-like Journey

For the past eight weeks, I’ve  had the privilege of working with a team so diverse it could have passed for a United Nations delegation, all while learning what it means to build a more financially inclusive future. FinTech Scotland gave me the opportunity to not only observe but actively contribute to their mission. It allowed me to transfer skills from previous work experiences, providing flexibility, creativity, and insight into how these abilities can be adapted to the fast-evolving world of finance.

The best way to describe my internship at FinTech Scotland is by sharing what I’ve learned, what the organisation does, and how my contributions helped make a difference. 

What is Fintech?

Before joining FinTech Scotland, I’d never heard the term ‘fintech’ and after attending my interview with the Marketing Director and COO of Fintech Scotland, I still didn’t quite understand.  Two weeks into the internship, curiosity finally got the better of me, so I did what every good intern does who needs to act as if they know what they are talking about. I googled it and the top result presented “Financial Technology.” Well, that cleared things up. It’s a bit like hearing the phrase, “quantum mechanics is just advanced physics”—it tells you something, but not quite enough. The penny dropped for me when I attended an event TSB Bank hosted with FinTech Scotland, where 13 businesses showcased their fintech ideas. I learned that fintech isn’t some alien idea — it is part of everyday life in the apps we use for banking, the digital wallets we rely on and even by the person trying to flog you Bitcoin at a party. 

In short, fintech is the integration of finance and technology, covering everything from banking apps to cryptocurrency. It’s a broad umbrella, and it turns out I’ve been standing under it for years without knowing!

My understanding FinTech Scotland Do?

Now, FinTech Scotland has a comprehensive 76-page Research & Innovation Roadmap that outlines their goals for driving innovation and change within Scotland’s financial sector. One key highlight that resonated with me was their commitment to making a real difference in people’s lives by addressing financial inclusion and tackling health-related challenges. Their role goes beyond supporting fintech entrepreneurs and businesses—they are a catalyst for job creation, data accessibility, and shaping thought leadership in the industry.

Understanding the depth of their mission aligns with my passion of contributing to lasting economic growth within the community through financial inclusion. Seeing how this work can positively impact people’s daily lives has given me a strong sense of purpose and drive to support FinTech Scotland’s goals in any way I can. 

How do I feel I have contributed?

In my internship I managed the company’s social media channels involving content creation, post scheduling as well as ensuring the messaging was concise and inline with FinTech Scotland’s tone. I also learned how to look through social media metrics, review campaigns and adjust them based on the performance data. I handled incoming emails and requests, responding to partners and stakeholders questions. Working in this role, I quickly learned the value of effective communication and strong organisational skills as I juggled multiple tasks to a high standard.

One of the most important projects I have been doing is supporting FinTech Scotland with their Diversity, Equity and Inclusion (DEI) activities. As part of the collaboration with the team, on how we could extend community engagement for the organisation around DEI and sustainability. This was an eye opener for me on the need for inclusivity in fintech. An example of this work was conducting an interview with a leading entrepreneur, Tynah Matembe from Money Matix, on how she herself advocated for financial inclusion through youth education. This interview not only allowed me to work on my communication skills but also contribute in the direction of FinTech Scotland’s mission of promoting fintech initiatives that have a social benefit.

From 8 Weeks to 11: The Journey Continues

What started as an eight-week internship has now been extended to eleven weeks, allowing me to continue contributing and gaining valuable experience. This opportunity allowed me to attend the 7th annual FinTech Scotland Festival event, further building on the knowledge and skills I’ve developed, and continuing to support FinTech Scotland’s ambitious goals for the future. 

Ranecia Johnson, is a Marketing graduate from the University of Stirling, with professional experience spanning both the nonprofit and corporate sectors. Her passion lies in creating meaningful community impact, where she is dedicated to fostering inclusive and diverse environments. Ranecia’s unique skill set allows her to blend creativity and strategy, ensuring that her work not only drives business results but also contributes to social good. With a keen interest in financial inclusion and equity, she is committed to leveraging her marketing expertise to make a lasting difference in the communities she serves.

My 8 week Internship at FinTech Scotland

Between August-September 2024, I had the incredible opportunity to intern at FinTech Scotland. Coming into the internship with limited knowledge of fintech, I was eager yet nervous about diving into an unfamiliar industry. However, my time at FinTech Scotland provided me with not only a deep dive into the world of financial technology but also significant personal and professional development. From day one, I was welcomed warmly by the team, who were genuinely interested in my learning and supported me as I navigated my role. It was clear that FinTech Scotland’s success lies in the strength of its community and the supportive culture that fosters growth. The team’s encouragement and readiness to share knowledge made it easy for me to step into my role and tackle my responsibilities with confidence.

My role involved several key responsibilities which were both challenging and engaging. I conducted proactive data research and analysis, ensuring that the information about the Fintech Scotland community was always up-to-date and accurate. This was crucial, as Fintech Scotland is at the centre of a dynamic and fast-growing ecosystem, and having precise data is essential to effectively track growth and change within the cluster. This work gave me a solid understanding of the importance of data accuracy and its direct impact on decision-making and strategic planning.

Another significant aspect of my internship was producing Management Information reports. These reports captured the current state of the fintech cluster, highlighting growth, key changes and the impact of major initiatives. This helped me enhance my skills in data analysis and reporting, but more importantly it taught me how to synthesize complex information into actionable insights that could be easily communicated to stakeholders.

I was also given ownership of internal processes including maintaining databases and mapping the company Google Drive in preparation for its reogranisation. Under the guidance of the COO, I supported the team on the delivery of initiatives from the FinTech Research & Innovation Roadmap, which outlines FinTech Scotland’s strategic plan for developing and supporting the sector. This included managing data research, stakeholder communication and engagement, and improving internal processes. Contributing to these strategic initiatives was incredibly rewarding, as I felt my work directly supported the growth of the fintech ecosystem in Scotland and improved the operational efficiency of the organisation.

Reflecting on my time at FinTech Scotland, I can confidently say that the internship was a period of substantial learning and growth. Despite my initial lack of fintech knowledge, I was continuously supported and given valuable opportunities to succeed, including attending industry events with the team which expanded my professional network and enhanced my confidence in networking. This experience honed my analytical and communication skills, deepened my understanding of managing a community-driven organisation, and highlighted the power of collaboration in the fintech sector. I am grateful to have been a part of such an incredible team of people and I now feel more prepared for the professional world and equipped to adapt to new challenges. The skills and knowledge I gained have undoubtedly shaped my career aspirations, and I am excited to see where they will take me next.

Alicja Balanda is a final year University of Edinburgh studying business with enterprise and innovation.

Beyond Quotas: Achieving Authentic Diversity and Inclusion

In today’s rapidly evolving workplace landscape, diversity and inclusion have become more than just buzzwords; they’re integral components of successful business models. However, achieving genuine diversity and inclusion goes far beyond simply meeting quotas. It requires a nuanced approach that values individuals’ unique contributions and fosters inclusive cultures where everyone feels respected and empowered.

Traditionally, quotas have been employed to increase diversity, setting specific targets for recruiting or promoting individuals from underrepresented groups. While quotas may boost diversity statistically, they often fall short in addressing underlying biases and systemic issues. This can lead to tokenism and resentment among employees, undermining the very essence of diversity and inclusion.

To truly embrace diversity and inclusion, organisations must move beyond quotas and adopt thoughtful hiring practices. This approach prioritises quality over quantity, focusing on recruiting high-quality, diverse candidates based on their skills and competencies.

Thoughtful hiring practices involve:

1. Building a Diverse Talent Pipeline: Actively seeking out talented individuals from diverse backgrounds through partnerships, internships, and mentorship programs.
2. Aligning Hiring Practices with Organisational Values: Ensuring fairness and inclusivity throughout the recruitment process by mitigating unconscious biases and fostering transparency.
3. Implementing Blind Auditions and Structured Interviews: Removing identifying information from job applications and using structured interview techniques to reduce bias and ensure fairness.
4. Developing a Culture of Inclusion: Providing training and education for hiring teams, fostering leadership commitment to diversity, and establishing employee resource groups and mentorship programs.

Continuous monitoring and evaluation are essential for measuring the success of diversity and inclusion efforts. Key performance indicators, regular audits, and transparent communication help organisations stay accountable and identify areas for improvement.

Despite the challenges, embracing authentic diversity and inclusion is essential for creating workplaces where all individuals feel valued, empowered, and able to contribute fully. By going beyond quotas and embracing thoughtful hiring practices, organisations can unlock the numerous benefits that diversity and inclusion bring to the workplace and society at large.

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AI in Scotland’s Workplaces: Navigating the Shift