Next generation services
An overview of government’s challenge to industry and research to help the service industry take advantage of new technologies.
What is the next generation services challenge?
The services industry accounts for almost 80% of the UK economy. Financial and professional services alone are worth £190 billion and employ 2.2 million – so it’s vital that we ensure these are primed for the future.
Technologies like artificial intelligence and data analytics can help the sector to become more efficient, productive and globally competitive. They can significantly improve the services provided to clients and customers.
Through this challenge, government will support industry and researchers with developing next-generation services that can transform the services industry.
What’s the investment?
Up to £20 million of ‘pioneer funding’ will help to establish how new technologies could enable the UK accountancy, insurance and legal services industries to transform how they operate and where the greatest impact will be, to lead the world.
What are the funding opportunities?
There will be opportunities available to UK-based researchers and businesses.
The challenge will fund:
An interdisciplinary research programme will focus on the potential behavioural and socio-technical barriers to adoption of AI and data technologies in accountancy, insurance and legal services and how to resolve these.
Collaborative research and development
We will fund collaborative research and development projects into the use of AI and data technologies in accountancy, insurance and legal services. There will be 2 strands:
- large consortia projects to address common, sector wide challenges that require a coordinated approach, such as across supply chains and regulators
- smaller projects that apply AI and data techniques in novel ways within accountancy, insurance and legal services. These smaller projects may be from single companies or small consortia