Legal considerations for the financial services sector in adopting artificial intelligence

• United Kingdom

• Financial institutions - Digital Financial Services
• Technology, Media and Telecoms - Technology

31-03-2020

Legal liability for financial institutions and financial services firms when using artificial intelligence and machine learning

Recent advances in the development of artificial intelligence (AI), coupled with the availability of sufficient computing power to enable the effective use of AI, have made its application to the financial services sector a reality. Robotic process automation (RPA) is being used to handle repetitive tasks, removing the need for human effort. Machine learning (ML) tools can identify connections within data sets and AI-based reasoning can be deployed to extrapolate to previously unknown connections.

There has been a recent surge in activity by the sector to apply ML and AI to various problems including fraud detection, anti-money laundering (AML), process automation, decision-making and personalised financial planning. In the banking sector, firms are expecting their number of applications to triple in the next three years, according to the Bank of England and Financial Conduct Authority's (FCA) joint report on machine learning in UK financial services, published in 2019.

Originally published by ThomsonReuters  

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