As the financial sector, such as private banking and wealth management, wrestles with potential AI use cases, a major firm in the sector says it is moving to speed up innovation across its business.

Finastra, a financial services software business, has unveiled a centralized “AI Center of Excellence.” It has also appointed Chris McClellen (main picture) as group head of AI, reporting to chief technology officer Mike Stawchansky, to lead the initiative. The is is a global role.

The new center collects expertise from across Finastra to help coordinate AI initiatives, share best practices, and accelerate innovation throughout the organisation, it said in a statement.

Chris McClellen

The move comes as private banks, wealth managers, insurers and other financial sector players work out the viable use cases for AI.

McClellen has a background spanning enterprise software, data platforms, and regulated environments, the firm said.

“We’re expanding our teams and hiring in key technology hubs including Atlanta and India, combining the strength of our existing teams with new talent. AI has the potential to deliver significant value to our customers, and this structure helps us move faster and scale the work already underway across the company,” Chris Walters, Finastra CEO, said in a statement.

Finastra says its services are used by 40 of the world’s top 50 banks.