AI is Finance's Top Growth Lever, According to Lloyds Survey

In its tenth annual survey, Lloyds Bank has found that technology is a clear area of strength,

More than 100 senior executives from the UK’s largest financial services institutions were called on for the report, with these leaders showcasing a renewed confidence in its future growth.

The study was conducted between April and March by Lloyds, which supports 27 million customers across both retail and commercial financial services.

Findings show that 94% of respondents – spanning asset and wealth managers, insurers, financial sponsors and banks – anticipate business growth over the next decade.

This marks a notable increase from the 2025 survey, where 81% expressed the same outlook.

Short-term projections have also strengthened year-on-year, with five-year growth expectations rising from 83% to 92%, and 12-month forecasts climbing from 54% to 67%.

Where has this confidence come from? 

Lloyds highlights that this growing confidence is underpinned by what it describes as a “dramatic shift” towards emerging technologies, with organisations moving beyond experimentation and focusing on real-world deployment.

In 2024, just 25% of respondents said investment in technology was acting as a key growth driver; this rose to 41% in 2025 and has surged to 77% in 2026.

Lisa Francis, Global Head of CIB Coverage at Lloyds, says: “Despite global uncertainty, financial institutions are building confidence by harnessing technology to drive long-term growth. 

“The sector is prioritising the areas that will define future competitiveness, from AI and emerging technology to data, talent and international expansion.”

AI is central to this transformation, with 93% of respondents identifying artificial intelligence and machine learning as the most significant forces shaping UK financial services over the next five years.

The findings also show that 91% of leaders expect their organisations to increase investment into AI within the next 12 months.

Additionally, 64% of respondents plan to increase capital expenditure year-on-year, reflecting a dual focus on operational resilience alongside long-term competitiveness and productivity, according to the bank.

Lisa adds: “What is clear is that growth in the next decade will be shaped by the ability to adapt, invest and scale new capabilities. 

“Advanced AI and data solutions are moving from ambition to adoption, with institutions increasingly looking at how these technologies can improve productivity, deepen client relationships and create new opportunities across markets.”

Where is the best place to grow? 

The UK has long served as a centre for growth across both technology and financial services.

This confidence in the UK is echoed in the survey, with seven in 10 respondents expecting the country to maintain its position as a leading global financial hub – up from 60% in 2024.

Belief in the UK’s strength across capital markets, alongside its regulatory environment and international connectivity, remains a consistent theme throughout the findings.

Sustained confidence in the UK is critical, as it continues to offer specialised infrastructure and professional services expertise that not only supports domestic growth but also draws in international financial activity.