We recently brought together finance leaders from some of the UK’s best-known high street and consumer brands for our latest Retail Finance Forum. Hosted by Cat Kelly our Head of Retail there was as always plenty of open, honest discussion on the challenges facing retail FDs and CFOs.
Mark Lockton, former founder and CEO of embracent and Lisa Dargan, CEO of URM Consulting Services who are both now part of CP Digital shared their thoughts on AI, automation, cyber risk and business resilience in today’s retail environment.
Throughout the discussion it was clear that retail finance leaders value practical insight over theory, and straight-talking over buzzwords.
Cutting through the AI noise
AI is everywhere right now but the people in the room were clear that reality hasn’t yet caught up with the hype.
While adoption is growing, most businesses are still testing and experimenting rather than seeing consistent returns. The conversation quickly shifted from “what can AI do?” to “where does it genuinely add value?”
The strongest use cases today? High-volume, data-heavy tasks where AI can accelerate analysis, surface insights and support better decisions.
But there was also a healthy scepticism. Outputs still require validation. Results aren’t always reliable. And in many cases, the promised efficiency gains aren’t as immediate as expected.
There was agreement that AI is powerful, but only when applied with intent.
The evolving role of finance
Rather than replacing roles, AI is reshaping them.
Finance teams are spending less time on manual processing and more on interpretation, challenge and commercial decision-making. But this shift brings a new challenge: how do you build future talent when traditional entry-level tasks are disappearing?
There was candid talk about the risk of losing foundational learning experiences and the need to rethink training, coaching and career pathways to keep pace.
From experimentation to strategy
Another consistent theme was the fragmented way many organisations are approaching AI.
Right now, usage often sits in pockets. Often driven by individuals rather than a clear, coordinated plan. Very few businesses have a defined roadmap for how AI should be adopted across the finance function or wider organisation.
The consensus view was that it’s time to move from ad hoc experimentation to a more structured approach. One that aligns to business priorities, builds capability and focuses on measurable outcomes.
Cyber risk is rising. Fast.
Alongside the opportunity, there’s a more sobering reality: AI is accelerating cyber risk.
Attack methods are becoming more sophisticated, from highly convincing phishing attempts to deepfake communications and automated fraud. For retail businesses, the stakes are even higher given the value of customer and payment data. The biggest vulnerability isn’t systems it’s people.
Why people remain the strongest (and weakest) link
The discussion reinforced that cyber resilience isn’t just a technology issue. It’s a human one.
Busy finance teams processing high volumes of transactions are prime targets. Even the most capable professionals can be caught out by increasingly sophisticated attacks.
The answer isn’t just more tools. It’s better awareness, more training and building a culture where people feel confident to question, pause and escalate.
Planning for “when”, not “if”
Perhaps the most powerful shift in mindset was around cyber preparedness.
The conversation has moved on from prevention alone. Today, it’s about readiness. It’s no longer a question of if an attack will happen, but when.
That means having robust response plans, clear communication strategies and the ability to operate when systems are unavailable. Recent high-profile disruptions have shown just how exposed many businesses still are.
Rethinking resilience in a digital world
Traditional business continuity plans aren’t always fit for purpose in a fully digital, interconnected environment.
Discussions explored what happens when everything goes down. From supply chains and payments to customer transactions. Many organisations are now stepping back to reassess critical processes, dependencies and how they would operate in a manual or reduced-tech scenario.
Why these conversations matter
The morning concluded with a buffet lunch followed by one of our trademark roundtable sessions. Conversations carried on, focusing on both the opportunities and challenges of adopting new technologies. A common theme emerged: while tools and platforms are reshaping everything from banking to invoicing and file sharing, the real value lies in the quality of the data and, crucially, how it is interpreted.
What makes the Retail Finance Forum so valuable is the openness in the room.
These are candid conversations between peers facing the same challenges, sharing real experiences, pressure-testing ideas and leaving with practical insight they can put to work immediately.
Join the next Retail Finance Forum
If you’re navigating the same challenges, balancing innovation with risk, driving performance while managing uncertainty in a retail business, this is a forum designed for you.
Register your interest for the next Retail Finance Forum and be part of the conversation. Or if you’d like to talk about any of the challenges highlighted in this article, get in touch today.
