UK businesses missing AI growth opportunity

VIP Apps urges lenders to focus AI strategy on growth, not just cost savings

UK businesses risk missing the biggest opportunity presented by artificial intelligence by focusing too heavily on cost reduction rather than growth and innovation, according to VIP Apps Consulting.

The business process automation specialist is calling on lenders and financial services firms to adopt a broader approach to AI, arguing that while many organisations are investing heavily in the technology, relatively few are using it to generate new commercial opportunities or improve decision-making.

According to the consultancy, current AI strategies are largely centred on improving operational efficiency, reducing manual processes and lowering costs. While these remain important objectives, the business believes firms should now be looking at how AI can help enhance customer experiences, improve lending decisions and support business growth.

Industry data highlights the gap between AI adoption and commercial outcomes. A joint survey by the Bank of England and Financial Conduct Authority found that 85% of UK financial services institutions are already using AI or planning to do so, with most deployments focused on back-office operations and IT efficiency. Meanwhile, the Department for Science, Innovation and Technology (DSIT) reports that although more than 75% of AI-adopting UK businesses have seen productivity improvements, fewer than 12% have translated those investments into top-line revenue growth.

Daypesh Patel, Managing Director of VIP Apps Consulting, said businesses need to rethink how they view AI if they are to unlock its full value.

“Viewing AI merely as an engine for headcount or cost reduction is a massive missed opportunity.

“The real competitive advantage lies in adopting an innovator’s mindset; using intelligent technology not just to automate old processes, but to make sharper credit decisions, remove friction from complex deal structures, and deliver seamless customer journeys. Efficiency is the baseline; growth is the goal.”

VIP Apps Consulting, which works with organisations across financial services, asset finance and commercial lending, believes many firms take a technology-led approach to AI implementation rather than first addressing the underlying operational challenges they are trying to solve.

The consultancy argues that successful AI adoption should begin with reviewing existing workflows to ensure technology enhances business processes instead of adding unnecessary layers of complexity.

Using its proprietary AMOBI methodology, the company says it has helped asset finance and commercial lending clients redesign operations around business outcomes, reducing loan processing times by between 30% and 50% while cutting operational cost friction by up to 30%.

Patel said AI also offers significant opportunities for asset finance and leasing providers beyond automating routine tasks, particularly when integrated into existing lending platforms. AI has the potential to improve decision quality, simplify broker and underwriter interactions, and create more agile operations that can scale efficiently.

“Technology only creates enterprise value when it solves a genuine friction point in the business process. The organisations that win in the next phase of digital transformation won’t be those who cut the most costs, but those who adopt an innovator’s mindset to scale smartly, make better decisions, and adapt faster than the market.”

The comments come as lenders across the asset finance sector continue to explore how AI can be deployed to enhance underwriting, customer service and operational efficiency, with many now looking beyond automation towards applications that deliver measurable commercial growth.