The service sector accounts for 80% of the UK economy. Financial and professional services alone are worth £190 billion to the economy and employ 2.2 million.
New technologies, such as artificial intelligence and data analytics, have the potential to transform these industries.
Services such as legal, accounting and insurance need to develop a new generation of services to improve what they do for their customers and to remain globally competitive.
UK Research and Innovation has up to £3.5 million to support projects developing new accountancy, insurance and legal services based on artificial intelligence and data technologies.
The funding is from the UK government's £20 million Industrial Strategy Challenge Fund Next Generation Services Challenge, which aims to explore how new technologies could transform these services.
