Future Finance Publish their Impact Report, revealing 95% innovation adoption rate among UK financial services firms
- Apr 22
- 2 min read
Future Finance, the Innovate UK and Economic and Social Research Council-funded accelerator programme, has found significant progress in driving innovation adoption across the UK's financial services sector.
Future Finance’s impact report documents the programme's work since autumn 2023 with SMEs and mid-tier financial services firms, organisations that collectively form the backbone of one of the UK's most critical industries.
Headline results include:
95% of Innovation Leadership Programme participants are now adopting innovations
Over 100 hours of staff time saved through AI adoption at a single firm
35% reduction in loan processing times at Cambrian Credit Union
14% fewer customers falling into legal arrears at community lender Moneyline
1,400 unique attendees across the UK at thought-leadership events
The report highlights a central finding: the barriers to innovation in financial services are not primarily technical. They are human. Risk aversion rooted in regulatory complexity, a lack of leadership confidence, and a fear of being left behind by fast-moving technology were identified as the key obstacles holding firms back.
Professor Jonathan Beaverstock of the University of Bristol said: "The barriers aren't primarily technical. They are human. A lack of trust in new solutions. Risk aversion rooted in regulatory complexity. A lack of appetite for change. Leaders without the capacity, confidence or headspace to manage change effectively. Those barriers shaped everything we built."
The Future Finance Accelerator, delivered through its Innovation Leadership Programme, Innovation Adoption Consultancy, and Collaborative Challenge Programme, was designed not to prescribe technology solutions, but to equip leaders with the frameworks and confidence to make those decisions for themselves.
The programme has now been recognised in three major UK Government strategies published in the past year: the Professional and Business Services Sector Plan, the Digital and Technologies Sector Plan, and the National Financial Inclusion Strategy.
Jack Stanbury, Project Lead, said: "We were working with credit unions on digital transformation, helping firms build AI capability, and designing for financial inclusion long before any of these strategies were published. The fact that government policy has landed in the same place tells you everything about the need for this work and its value."
Looking ahead, Future Finance is now seeking to commercialise and scale its accelerator model across a greater number of firms, with ambitions to extend into allied sectors including professional and business services. The programme is well positioned to support deployment of over £160 million in government investment across credit union transformation, financial capability funding, and Industrial Strategy commitments.
If you want to reach out to the team to discuss future opportunities, contact hello@future-finance.tech
You can download the full report below.
