The International Regulatory Strategy Group (IRSG), in collaboration with Accenture, launched ‘Towards an AI-powered UK: financial and related professional services’.
The report makes clear the huge potential AI offers the industry, but underlines the need for regulators to tread a careful balance between allowing businesses to innovate responsibility, while also retaining high standards and public trust.
The report suggests that despite fears of automation-driven unemployment, AI is actually creating new roles and opportunities across the industry as firms look to implement and scale the technology. But, despite the opportunities there are still a number of challenges which must be overcome if AI is to fulfil its potential, ranging from clarity on what constitutes AI and how it should be regulated, through to its public perception. You can read more detail in the report here.