MPs to scrutinise use of artificial intelligence in the finance sector | Computer Weekly
Summary
Banks and other finance firms have the money, IT skills and business case to increase the use of AI. In fact, the Bank of England figures recently revealed that 75% of finance firms are already using AI, with a further 10% planning to use it over the next three years. But left to their own devices, banks will push the technology to breaking point, according to one senior IT professional in the UK finance sector, who said: “With AI, they have got their teeth into it, and they’re thinking, ‘We can automate loads of stuff and save a load of money with branches, head offices or staff until it goes wrong’.” The Treasury Committee inquiry goes beyond banks and includes the wider finance sector such as insurance and pensions. “We must also be mindful of ensuring there are adequate safeguards in place to mitigate the associated risks, particularly for customers.” The call for evidence, which is open until March 17, asks: “How can government and financial regulators strike the right balance between seizing the opportunities of AI, but at the same time protecting consumers and mitigating against any threats to financial stability?” The Parliamentary Treasury Committee call for evidence seeks to know: • How is AI currently used in different sectors of financial services and how is this likely to change over the next 10 years? The financial services regulator is working with stakeholders to help ensure that AI is taken up in a way that benefits the industry, but negates risks.