As artificial intelligence (AI) adoption accelerates across the financial services sector, Investec says its approach is being shaped not by hype, but by trust, responsible innovation and human-centred banking.
According to Graeme Lockley, Investec Specialist Bank CIO, the organisation is actively investing in AI capabilities, while taking a measured approach to deployment, particularly when technologies have the potential to affect client interactions and decision-making.
During an interview with ITWeb, Lockley said the rapid evolution of AI is fundamentally changing how technology solutions are built and delivered, creating a pressing need for organisations to continuously upskill their workforce.
“Our AI strategy is built on two foundations: equipping our people with the skills to use these technologies responsibly and identifying where AI can genuinely improve how we serve clients.
“We have already deployed tools such as Microsoft Copilot across the organisation and are actively exploring how AI can support software engineering, operations and internal productivity. The key is ensuring every deployment aligns with our human-centred approach and the trust that underpins our business.”
More than 800 AI agents are actively in use across the group, helping teams automate repetitive tasks, accelerate knowledge work and improve speed, quality and consistency. Collectively, these solutions are already freeing up more than 350 000 hours of workforce time annually, creating capacity that is being reinvested into client service, advisory work, innovation and growth.
Investec's AI strategy extends beyond technology deployment to organisation-wide capability-building.
“Alongside the rollout of AI tools, the group is investing in programmes designed to equip employees with the skills, confidence and practical experience required to use AI effectively and responsibly.”
Human-centred approach
While many organisations are exploring AI-driven automation, Lockley stressed that Investec's identity as a relationship-focused bank shapes how it approaches emerging technologies.
He noted clients continue to value direct engagement with bankers and advisers, making it essential that AI enhances rather than replaces those interactions.
“We are very clear that we are a human-centred organisation. If you are a client of ours, you can always talk to us and there is a human intimacy that is really important to us. In many ways, how we use technology is constrained by the fact that we are so human-centred.”
This philosophy has influenced the bank’s AI strategy, particularly in customer-facing environments where trust remains paramount, he added.
Measured AI deployment
Although Investec has rolled out generative AI tools such as Microsoft Copilot across the organisation, Lockley said the bank remains cautious about deploying AI in high-risk customer-facing scenarios.
The bank currently uses AI within selected operational processes, but maintains significant human oversight to ensure outputs remain within established risk parameters.
“I think we have a very risk-on mindset around AI. We do have some systems in production where we are using it, but it is not the whole process – it is just a piece of the process. There is still lots of human oversight to make sure it is operating within our risk appetite.”
According to Lockley, AI adoption is advancing in stages across the organisation, with basic productivity tools now considered mature enough for broad internal use, while more advanced applications require additional testing and governance.
“AI is increasingly embedded across the full client lifecycle – from origination and on-boarding through to servicing and operations. Where we are going quite deep into AI, whether it is client-facing or embedded into critical processes, I don't think the technology is mature enough yet for us to be completely comfortable. We are still in a phase of learning, testing and building confidence.”
In-house innovation
Unlike organisations that rely heavily on external managed service providers for innovation, Investec believes internal capability remains essential to successfully implementing AI.
While the bank works with technology partners where necessary, Lockley said strategic decision-making, ideation and governance must remain internal.
“My belief is that we can only move as far as our people can. Even if a third-party builds something for us, the decisions still sit with Investec. Our people must be equipped to understand it, govern it and absorb it into the organisation.”
He added that AI implementation should always be viewed as a collaborative effort between technology vendors and internal teams.
“You cannot simply outsource innovation and expect magic. You have to understand the technology, imagine how it can be used and then successfully absorb it into your business.”
Looking ahead, Lockley believes AI's greatest value lies in helping clients save time, while maintaining access to personalised support when needed.
Research conducted by the bank found that both younger and older customers value a blend of digital convenience and human interaction, challenging assumptions that digital-first services alone are sufficient.
“Our clients are time-poor. The challenge for us is how we support them while recognising that reality. Where technology can remove friction and save them time, that is a good thing, but when they need to talk to someone, they must always be able to do that.”
For Investec, the future of AI is therefore not about replacing people, but about using technology to strengthen customer relationships, improve efficiency and preserve the trust on which banking depends, he asserted.
“We will use technology as much as we can, within our risk appetite, to support and enable clients. But we will never use it in a way that betrays trust. That trust is at the heart of everything we do.”
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