Nearly half of Welsh businesses adopting and investing in AI

Daniel Bevan - Editor

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Nearly half (48%) of Welsh businesses are investing in artificial intelligence (AI), with firms in the UK adopting the technology reporting gains in productivity and profitability.

The figures, from Lloyds Bank’s latest Business Barometer, show that AI is helping firms work more efficiently and unlock new opportunities for growth.

UK businesses integrating AI into their operations are reporting significant financial benefits, with almost nine in ten (87%) seeing increased productivity and almost half (48%) reporting higher profits over the past 12 months.

The research found that most firms spent less than £25,000 (33%) to enhance their AI capabilities.

AI usage is particularly strong in the Services sector (70%), followed by Retail (60%), Construction (59%) and Manufacturing (55%). AI investment, however, is led by firms in the Retail sector (70%), followed by Services (68%), Construction (60%) and Manufacturing.

The survey shows that Customer Service roles have been upskilled the most by AI (43%), followed by Sales teams (29%).

Of the nations and regions in which data was gathered, Wales ranked 11th out of 12 for both adopting and investing in AI, at 48%.

London and the West Midlands are leading the way in investing in and adopting the technology respectively, both sitting at 85%.

Lloyds Bank itself is embracing AI, having developed a generative AI tool, ‘CRE AI’, which processes complex real estate tenancy schedules in minutes rather than the 75 hours previously required.

The company said the programme doesn’t make decisions; the tool streamlines preparation so teams can focus on judgement-based work and supporting clients.

Amanda Murphy, CEO for Lloyds Business & Commercial Banking, said: “Businesses recognise AI as a powerful driver of growth, with gains that are delivering a competitive edge.

“As companies increase their investment and adopt this new technology more widely, they will need clear oversight and robust processes to ensure these tools are used responsibly and transparently.

“It’s clear that companies are seeing AI as a strategic advantage that is key to fulfilling their long-term ambitions.”