We are at the beginning of an exciting journey with AI – a journey that we believe will spark a revolution in the financial services sector.
Artificial intelligence consistently tops the list of hot issues for the future of the financial services sector. In a time of major disruption in the sector, it is an important tool for providers of financial products and services to remain relevant and to deliver more sophisticated services to customers in a faster and more personalised way. We expect AI to have a major impact, and so building appropriate structures around its adoption is key to building trust among customers.
A number of governmental and industry initiatives are focusing on the implementation and ethical challenges presented by AI. These initiatives collectively point the way forward – the urgent need for organisations to establish and test core ethical principles to govern all uses of AI. However, they also highlight the continued development of global technical standards to better protect how AI systems are designed, developed and deployed, as well as how their use is overseen.