Laura WilesInnovate Finance has published a report on AI opportunities in financial services.
A BoE survey recently showed that 75% of firms are using AI, with 10% planning to adopt it in the next 3 years.
In terms of benefits for consumers, the report highlights opportunities in relation to personalised financial services, enhanced security through fraud detection and cybersecurity measures, and improved accessibility of customer support and advice.
For businesses, Innovate Finance stressed the potential for improved operational efficiency, enhanced risk management and compliance oversight, and innovative product offerings.
Innovate Finance recommends the following priority areas for the Government and financial services regulators:
- Building a full UK Tech Stack;
- Reviewing AI enabling regulation; and
- Building consumer and industry confidence.