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The role of Artificial Intelligence in the future of Scottish finance
The Scottish financial sector offers a promising alternative for Scotland’s economic growth. This sector boasts strong existing productivity and the potential for rapid advancement, particularly through the adoption of Artificial Intelligence (AI).
Scottish universities play a critical role in this strategy. Their research expertise and graduates are vital to its success. These institutions have been instrumental in the establishment of over 200 fintech companies within Scotland. Some, like Embark, achieve success through acquisition. Founded in Dundee, Embark’s software platform has attracted significant investment, propelling them to employ 200 people across Britain with their main office remaining in Tayside.
The risky road of fintech
However, the path to success is not guaranteed. Money Dashboard, once a promising tech startup incubated in Edinburgh’s TechCube, exemplifies the inherent risk. Their app, with over five million users, provided clear visualizations of personal finances. Unfortunately, the company struggled to find a buyer and will be shutting down its applications next week.
Despite this setback, university spin-offs and established fintech firms continue to collaborate with Scottish Enterprise (SFE), London and UK financial sector trade bodies. Their unified strategy aims to leverage Scotland’s existing strengths in areas like climate finance, open banking data, payments, and financial regulation, by integrating them with innovative technologies.
The results appear promising. Following the implementation of Fintech Scotland’s growth strategy last year, payments technology activity has surged by 19%, and niche regulatory software development has seen a 13% increase.
Fifteen years after the financial crisis eroded public trust in banks and businesses, AI presents a chance for the financial sector to redeem itself. It aspires to be a key contributor to Scotland’s economic recovery, shaping a future driven by technology and positive societal impact.
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