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New report explores questions of responsible AI innovation in financial services

The Alan Turing Institute | Joanna Dungate | Jun 14, 2021

Alan Turing report AI in financial services  - New report explores questions of responsible AI innovation in financial services

A new report published today (Monday 14 June 2021): AI in Financial Services explores the use of artificial intelligence (AI) and the importance of responsible innovation in the financial services sector.

The report was commissioned by the Financial Conduct Authority (FCA) as part of The Alan Turing Institute’s public policy programme collaboration with the FCA and has been launched at the accompanying CogX session. The authors hope it will provide stakeholders in the sector with the understanding needed to navigate the evolving AI landscape in pursuit of responsible and socially beneficial innovation.

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AI is already having a substantial impact on the delivery of financial services and its role will increase in the years to come. The adoption of AI in financial services is underpinned by three distinct elements of innovation: machine learning (ML), non-traditional data, and automation. Each of these elements can enable significant benefits but also pose challenges that give rise to potential harms.

The new report provides an introduction to AI, discusses general challenges and guiding principles for the responsible adoption of AI, and maps out potential benefits and harms associated with the use of AI in financial services. Crucially, it also examines the fundamental role of AI transparency in pursuing responsible innovation.

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