City of London Corporation: Accelerate adoption of digital verification to protect consumers and drive economic growth
The City of London Corporation has called for the widespread adoption of digital verification to harness the power of artificial intelligence and boost secure data sharing.
Speaking at a Conservative Party Conference panel event discussing the UK as a tech superpower, Chris Hayward, the Policy Chairman of the City Corporation, will be joined by Michelle Donelan MP, the Secretary of State for the Department of Science, Innovation and Technology and Nick King, Research Fellow at the Centre for Policy Studies.
The City Corporation’s latest report, Vision for Economic Growth – a roadmap to prosperity, shows digital verification could benefit UK businesses and consumers by up to £5 billion by 2030, including by reducing fraud losses. Using banking ‘single sign-on’, for example, could provide a simpler, smoother, more secure system making people’s lives easier and money safer.
The report, which convenes 300 stakeholders across the financial services sector, also supports the creation a UK version of the US’s EDGAR system of machine-readable company filings to efficiently provide investors with information on public companies – such as revenue or emissions data – in real time, boosting economic growth.
This will drive transformation of the UK tech ecosystem building an environment conducive for the companies of tomorrow to grow and list here.
Artificial Intelligence is a valuable tool for the FPS sector to remain competitive and resilient. Businesses are also urging regulators to work together for a consistent approach to artificial intelligence and automation that maintains high standards while developing an agile response to emerging technologies.
Policy Chairman at the City Corporation, Chris Hayward, said:
“In today's digital era, the UK has a golden opportunity to lead the global tech revolution and pave the way for a data-driven economic transformation. We applaud the Government's efforts with initiatives like the Online Safety Bill and the upcoming AI Safety Summit. We need to act and act now to champion the UK’s digital opportunity.
“Technology isn't just a tool; it's a driver of economic growth. Vision for Economic Growth outlines a pragmatic roadmap requiring no major legislation changes, no upheaval of government departments, and minimal costs. Implementing this roadmap could unlock an astounding £225 billion to the UK economy, catalysing digital transformation in every corner of the country.”
Notes to editors
The Vision for Economic Growth: A Roadmap to Prosperity report can be downloaded here: Vision For Economic Growth.
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk