One in three (32%) banking and financial services workers say they encounter inaccurate or misleading outputs, despite the majority (72%) using AI at least once a day.
The findings come from the ‘AI Adoption in the Workplace Report’ by compliance training experts Skillcast, based on a survey of 500 full-time UK employees across financial services, government and public sector, legal, insurance, and compliance.
The report revealed that the banking and financial services sector had the highest AI use of any industry surveyed, with almost three-quarters (72%) of respondents using AI at least once during a typical workday.
While the adoption of AI is high within the sector, accuracy remains a significant issue, with one-third (32%) of respondents saying AI produces inaccurate or misleading outputs at least half the time.
Accuracy also ranked as workers’ biggest concern when using AI at work, above data privacy and security, and job security or displacement.
The findings highlight a potential governance gap as organisations work to keep pace with rapidly increasing AI use, and meet continually evolving FCA guidelines. One in five workers reported receiving no organisational guidance on AI use in the past year, while, among those who had received guidance, nearly four in ten (39%) said it was communicated informally or verbally.
Despite this, the financial services sector demonstrated the strongest governance maturity of all sectors analysed. With 61% of respondents confirming they have a clear, accessible AI policy at work, it suggests that the sector is taking the right steps to establish necessary frameworks for responsible AI use.
The high frequency of AI use identified in the research reflects a wider shift across financial services, where the technology is becoming increasingly embedded in everyday operations. The latest Skills England survey found that around 75% of financial services firms are now using AI, with a further 10% planning to deploy it within the next three years.
This adoption is also reflected in industry expectations, with 93% of financial services firms believing that AI and machine learning will have the biggest impact on UK financial services over the next five years.
Vivek Dodd, CEO of Skillcast, commented on the findings:
“AI tools have moved from being an experimental technology to being a standard part of everyday working life for many employees. The challenge for businesses now isn’t encouraging people to use AI; it’s making sure tools are being used safely, consistently, and with the right safeguards and training in place.
“Our research suggests many financial services employees are already making day-to-day decisions with AI, yet significant numbers are doing so without formal training or clear organisational policies. That’s a risk because AI adoption has moved faster than many organisations’ ability to put the right policies, guidance and training in place.
“As AI is embedded into different roles and operations, businesses need to provide clear and practical policies and regularly updated training that clearly states when to rely on AI, when to question its outputs, how to use the tools responsibly, and where human judgement remains essential. Policies and training should also evolve alongside the technology so organisations can innovate safely while protecting sensitive data and meeting their regulatory responsibilities.”
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