“The Future of AI in Finance Hinges on Innovation” – Welsh Fintech pH Innovate in National Report

Welsh fintech pH Innovate has been featured in Innovate UK’s ‘AI for Services 2025’ Report, developed in partnership with Whitecap Consulting. The report explores the transformative role of AI and digital technologies in reshaping the UK’s Professional and Financial Services sectors, with insights from industry leaders—including pH Innovate co-founder Stephen Peck.

AI Must Evolve to Address Real-World Challenges

As part of the report, Stephen Peck highlighted the limitations of one-size-fits-all automation and the need for AI systems that can adapt to real-life scenarios.

“The one-size-fits-all automation results in systems not supporting real-life scenarios. For example, automated ID checking failures (such as a recent house move)
are slowing the improvement of access to products and services for the whole market, creating untapped, niche opportunities.”

This insight underscores the need for more intelligent, flexible AI solutions that improve financial accessibility and unlock new opportunities.

Overcoming Barriers to AI Adoption in Financial Services

In the report’s ‘Sector Perspectives: Financial Services & Insurance’ section, Peck also addressed the slow adoption of modern platforms in the insurance sector,
citing outdated technology as a significant challenge:

“In the insurance industry, there is an overreliance on proprietary systems which organisations can’t quite bring themselves to move off. This is driven by the idea that
these systems give an organisation a competitive edge in the market, and they do not want to be first to change. Consequently, much of the industry still uses outdated
technology and migration to newer platforms is slow.”

This reluctance to modernise presents both a challenge and an opportunity, as fintech innovators push for AI-driven transformation in financial services.

pH Innovate Driving the Future of AI in Finance

As a Welsh fintech leader, pH Innovate is at the forefront of AI innovation, advocating for smarter, more adaptive digital solutions that can help financial institutions embrace the future. Their inclusion in the Innovate UK report highlights the role of Welsh fintechs in shaping the next generation of AI-powered financial services.

📢 Read the full Innovate UK ‘AI for Services 2025’ Report here

📢 Learn more about pH Innovate’s involvement here

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