The finance industry is going through a period of substantial change, as AI adoption heralds an age of greater automation. Already, 93% of financial institutions believe AI will have the greatest impact on UK financial services over the next five years, with 91% expecting to increase their AI investment over the next 12 months. However, what does this look like in practice? Experts from across the sector have shared their thoughts on how the technology will shape the industry over the coming years.
The king is dead, long live the king
Financial institutions are constantly keeping an eye on the latest technological innovations, and at present, “there’s a lot of discussion about what AI can do for tax professionals,” according to Russell Gammon, Chief Innovation Officer at Alphatax, “but one of its biggest contributions is something less obvious: it’s fundamentally changing what automation is capable of.”
He reflects on the impact it will have on other technologies, such as Robotic Process Automation (RPA), noting that, although this was once the pinnacle of innovation, “AI is now leaving RPA in the dust. It enables automations to be built and maintained more quickly and at a lower cost than traditional RPA projects. If a process changes, updating it is often as simple as changing a prompt rather than rebuilding an automation workflow. More importantly, agentic AI is extending automation beyond rigid, predefined rules. Instead of stopping when something unexpected happens, AI can interpret context and investigate exceptions to find alternative routes to the final goal.
“In practice, this means that organisations no longer need to think purely in terms of automating individual tasks,” he adds. “They can begin to automate larger chunks of particular workflows that previously depended on manual intervention whenever an exception occurred. For tax professionals, that means spending less time keeping processes moving and more time applying their expertise where it really matters; making tax decisions.”
Human judgement remains a necessity
However, whilst AI may be quickly replacing other technologies, experts are keen to emphasise that it can never replace the human element. Hugh Scantlebury, CEO and Founder of Aqilla, is clear that, while AI can automate processes and drive efficiencies, that is only part of the story. He argues that “at its core, finance is about making decisions informed by numbers, and that’s where human judgement is, and will remain essential. AI can support that process, but it can’t replace the experience, context, and judgement that finance leaders bring.
“The real opportunity is not to replace human judgement with AI, but to combine the strengths of both,” he summarises. “Finance has always been about more than producing accurate numbers – it’s about understanding the story they are telling and deciding what to do next. Organisations that use AI to remove manual work while maintaining strong governance and keeping people at the centre of decision-making will be the ones that realise its full value.”
Harnessing tools to support the workforce
AI is not purely a tool to support businesses drive greater efficiency, “we are also beginning to see AI play a more supportive role in day-to-day working life,” observes Bruce Martin, CEO of Alphatax. “AI assistants can act as technical sparring partners, helping employees test ideas, brainstorm solutions and work through challenges in a collaborative way. In many cases, these tools provide instant feedback and positive reinforcement, which can help boost confidence and reduce the isolation that people sometimes feel when working independently.
“This is particularly relevant in today’s hybrid and remote working environments,” he continues “While flexible working has delivered enormous benefits for work-life balance, it can also leave some employees feeling disconnected. AI tools, when personalised with the right context about an individual’s role and working style, can recreate some of the interaction people would naturally receive in an office environment.”
AI’s growing role in finance will be defined by how well it supports people and improves the way organisations work. The businesses that benefit most will be those that use it to reduce manual effort without losing sight of human judgement or strong governance. Ultimately, the future of finance is not about replacing expertise, but giving people better tools to apply it.