In Q3 last year, the UK’s Financial Conduct Authority conducted a survey of 200 financial firms on the adoption of AI.
Some 80 % of respondents claimed they were using AI technologies. So AI is here to stay and is becoming widely used in voice banking, bio-metric authentication, customer segmentation, credit scoring, automation of clerical processes and many other areas.
But there is currently no regulation around AI. Initiatives on the ethical use of data are at a nascent stage in Europe with initial expert group being formed. As with the earlier GDPR, the soundings and noise levels from the politicians across Europe are beginning to be heard, though. The general level of consciousness in protecting fair decisioning and being able to explain decisions from AI adoption to individuals or small firms is being questioned.