New findings from the Lloyds Business Barometer show that AI is helping Welsh firms work more efficiently and unlock new opportunities for growth.
Welsh businesses integrating AI into their operations are reporting significant financial benefits, with 85% seeing increased productivity and 38% reporting higher profits over the past 12 months.
Of those who reported a profit boost from using AI, 42% recorded an uplift of 11% or more, with a further 40% saying profits increased by 6-10%, and 19% saying profits increased between 0-5%.
The findings come as investment in AI accelerates, with nearly half (48%) of Welsh businesses confirming they have invested in AI.
The research from Lloyds found that a fifth (20%) of firms spent less than £25,000 to enhance their AI capabilities, followed by 22% of firms who spent between £25,000-£100,000, 1% spending between £100,000-£250,000 and 4% spending £250,000 or more.
Nearly half (48%) of businesses in Wales say they are currently using AI.
Investing in skills and capability
Alongside these gains, Welsh businesses are investing in the skills needed to make AI adoption effective. The survey shows that just under a third of businesses have upskilled their customer service teams (31%), while a fifth upskilled their sales teams (20%).
Nathan Morgan, area director for Wales at Lloyds, said: “These increases in productivity and profitability are part of why firms are seeing AI as a strategic advantage that can help them grow and compete. As they increase their investments in this technology and expand its use, they will need clear oversight and robust processes to ensure these tools are used responsibly and transparently.”
AI in Action
Lloyds is also seeing the benefits of its investment in AI. For example, earlier this year, Lloyds developed a Generative AI tool, ‘CRE AI’, which processes complex real estate tenancy schedules in minutes, rather than the 75 hours previously required. While it doesn’t make decisions, the tool streamlines preparation so teams can focus on judgement-based work and supporting clients.
Lloyds Banking Group this year launched the AI Academy, a programme designed to provide practical AI skills for all colleagues, no matter their role or level. The aim is to equip colleagues with the skills and knowledge to implement AI solutions in their day-to-day work, boosting efficiency and allowing colleagues to focus their time on high-value tasks. By putting new capabilities into practice, it creates opportunities to provide customers with enhanced and innovative new services, and open potential new revenue streams for the business.
