AI use proliferating in UK financial services, regulators find
Machine learning can increase efficiency but also amplify risks, BoE and FCA say
Forms of artificial intelligence are already widely used in the UK financial sector and are likely to proliferate further in the coming years, regulators say.
A large number of UK financial firms are already using machine learning, a form of artificial intelligence, a survey by the Bank of England and the Financial Conduct Authority found.
The survey found two-thirds of respondents already use machine learning (ML), in some form in their business, and that use is likely to increase rapidly
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