Leaders Call for Inclusive AI Development in Financial Services
Artificial intelligence (AI) is revolutionizing the financial industry by boosting efficiency, improving fraud detection, and transforming customer experiences. However, its rapid growth is also widening the digital skills gap and exposing deeper inequalities in the workforce.
This issue took center stage during a recent event hosted by Code First Girls, the UK Treasury, and the Women in Finance Charter at the House of Commons. Industry leaders gathered to discuss AI’s evolving role, the need for ethical oversight, and the urgency of workforce transformation. The message was clear: AI is not just changing how we work—it’s also changing who gets to participate in the workforce.
Code First Girls CEO Anna Brailsford emphasized that without immediate action, AI could deepen existing inequalities. While AI holds the promise of inclusive innovation, it can also reflect and amplify bias—particularly in areas like recruitment and credit scoring, where algorithms trained on biased data can lead to real-world discrimination.
Gender Equality and Representation in AI
One major concern raised at the event was gender imbalance in the financial services sector. Economic Secretary to the Treasury Emma Reynolds warned that, at the current pace, gender parity may not be achieved until 2038. This is troubling given that AI could be an opportunity to elevate more women into leadership roles.
Today, only 22% of professionals in AI and data science are women. If left unaddressed, this lack of representation will perpetuate gender disparities in career advancement, pay, and leadership.
Code First Girls is working to change this through AI training programs that upskill underrepresented groups. However, these initiatives are limited in scale. Brailsford urged the government to invest more in diverse talent pipelines across all levels of education, ensuring that AI teams reflect the populations they serve.
The Need for Urgent Upskilling
AI is projected to contribute £35 billion to the UK’s financial and professional services sectors within the next five years. This growth will bring new jobs but also pose a risk to those who lack digital skills. The demand for AI-related expertise is evolving quickly, requiring flexible and continuous training strategies.
According to a recent PwC survey, 69% of global CEOs expect AI will require most employees to learn new skills. Yet businesses are not moving fast enough to bridge this gap.
Code First Girls has already seen how targeted training can open doors for women—especially those new to the tech industry. The challenge now is to scale these efforts and encourage companies to prioritize upskilling as a core part of their AI strategies.
Building Ethical AI Systems
Ethical deployment of AI must also be a top priority. AI should build trust in financial services, not undermine it. Without oversight, biased algorithms can harm marginalized groups and erode public confidence in AI-powered decisions.
To prevent this, companies must adopt strict bias testing protocols, ensure transparency in AI processes, and build diverse teams to guide AI development. AI adoption should not be the responsibility of data scientists alone. As Phil Smith, Chair of the Skills Association of England, recently noted, leadership teams, compliance officers, policymakers, and front-line workers all have a role to play in responsible innovation.
At Code First Girls, the goal is to make AI accessible to everyone. Through inclusive training programs, mentorship, and partnerships with industry and government, the organization aims to make AI a force for public good—not a privilege for a few.
The Time to Act Is Now
To ensure AI drives progress rather than division, stakeholders must act now. Governments, educators, and businesses need to invest in inclusive AI education, promote diverse leadership, and embed ethical principles in every stage of AI development.
By working together to close the digital divide, society can harness AI’s full potential and ensure it benefits everyone—not just those already in power.
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