The UK government has asked the Financial Services Skills Commission (FSSC) to outline which AI and technology capabilities the financial services workforce will need over the next decade. The goal is to support long-term sector competitiveness and ensure firms can adopt new technologies effectively.

The Focus of the Initiative

The work will look at technologies expected to shape the sector over the next five to ten years. This includes AI-driven data analysis, automation tools and new digital workflows influencing how products are developed and delivered. The aim is to understand both opportunity and practical capability needs.

Why Skills Are at the Centre of the Discussion

AI is no longer limited to specialist teams. It affects risk functions, compliance routines, customer interactions and operational decision-making. A workforce that understands how to use and supervise these tools is viewed as important for resilience, performance and innovation.

This is also tied to national economic strength. Financial services is a major contributor to the UK economy. Ensuring that the workforce can adopt relevant technology is framed as a strategic priority, not simply a technology trend.

What This Means for Fintech Startups

Fintech startups may be closer to new tools, but they are not immune to skills gaps. Many early teams operate quickly but rely on a small number of deeply technical individuals. As products scale, the whole organisation needs clarity on how AI is used, what risks need monitoring and how processes adapt.

This initiative also signals that industry-level guidance and training structures may evolve. Larger organisations, trade bodies and training partners may create shared programmes. Startups that pay attention early can benefit rather than respond later once expectations are already set.

Opportunity for Participation and Alignment

Fintech founders should watch how this work progresses. It may shape language, hiring expectations, due-diligence discussions with partners and signals used by regulators. Being informed early helps position your company as prepared rather than reactive.

Key takeaways for fintech startups

• Review internal AI and data-related skill levels across both technical and non-technical roles
  
  
• Develop ongoing learning plans instead of relying only on individual expertise
  
  
• Monitor how industry guidance develops as the FSSC’s work progresses
  
  
• Create internal clarity around how AI is used and overseen in your products and workflows
  
  
• Present your company as one that builds capability, not just software

If your fintech wants to build a clearer skills foundation for growth, Your Fintech Story supports founders with strategy and team development planning. Feel free to reach out when you’d like to explore it.

Lloyds Banking Group has announced that it will introduce an AI powered financial assistant into its mobile banking apps from 2026. The assistant will allow customers to ask questions in natural language and receive personalised financial insights based on their own account data. It will initially support areas such as everyday spending, savings, and investments, with plans to expand into other financial products over time.

This new technology will take the customer experience up a level by giving people access to a personal AI agent, empowering more people than ever to make informed decisions about their money.

– Helen Bierton, Chief Digital Officer at Lloyds Banking Group

The focus is on making financial guidance easier to access. Many consumers struggle to understand or interpret their bank statements, long term savings options, or how their spending patterns are changing. A conversational interface that explains these topics in plain language could lower that barrier. The bank also highlights that the assistant will operate inside a secure environment, where data use, decision paths, and model behaviour are controlled and monitored. Customer queries can still be escalated to human experts when necessary.

How it is positioned

From a product standpoint, the move signals that conversational AI is becoming a mainstream interface layer in financial services. Rather than a standalone chatbot, the assistant is positioned as part of the core banking journey. It is not replacing existing navigation but adding another path to the same outcomes. This reduces friction. Customers can attempt new interactions without needing to relearn how the app works.

The tone of the rollout also suggests a trust-focused approach. The assistant is presented as a helpful layer on top of existing banking features, not as a new system customers must rely on immediately. This incremental framing may help adoption among users who are cautious about AI in financial decision making.

The rollout strategy

Starting with spending, savings, and investments reflects a staged approach. These are areas where feedback loops are quick and the value is visible. Users can see immediate insight into their habits or the effect of incremental savings decisions. Once trust and familiarity are established, the assistant can expand to more complex areas such as mortgages or insurance. This slow expansion reduces risk and allows product teams to gather behavioural data before scaling.

What it means for fintech startups

For fintech startups, the announcement signals shifting expectations. Personalised financial guidance delivered through AI may become a baseline experience in consumer finance. Tools that rely purely on data display without interpretation may lose appeal. However, there is still meaningful space for differentiated products. Large banks tend to optimise for broad coverage and safety. Startups can specialise in depth, behavioural nudging, or niche financial contexts.

The foundation that matters most is trust. Personal financial guidance is sensitive. Accuracy, clarity, and the ability to explain recommendations will influence user adoption more than novelty.

Key takeaways for fintech startups

• Build AI features where the value is clear in everyday usage
  
  
• Start with one or two financial domains before expanding
  
  
• Prioritise explainability and user trust from the start
  
  
• Integrate AI into existing user behaviours rather than forcing new workflows
  
  
• Consider where partnerships with banks can increase adoption and credibility

If you would like help mapping these trends to your product or growth strategy, Your Fintech Story supports fintech teams with strategy, positioning, and go to market planning. Reach to us.