FCA and Bank of England report confirms 72% of financial firms now use AI Technology.

  • 18 August 2023

Recent analysis by the Financial Conduct Authority (FCA) and the Bank of England (BoE) underscores the growing presence of Machine Learning (ML) in the UK’s financial industry. An impressive 72% of financial firms now use or develop ML applications, signifying a swift AI integration.

AI is particularly prominent in the financial sector, offering enhanced data analytics, operational efficiency, and superior fraud detection. Notably, the banking and financial services industry is positioned to be the leading AI investor in 2023.

Dr. Hassan Khan, as the Head of the School of Digital Finance at Arden University, is a pivotal figure in the ever-evolving financial landscape. His insights shed light on the burgeoning role of Artificial Intelligence (AI) in finance.

Dr. Khan’s expertise reveals that AI automation fosters productivity, caters to consumer demands for financial independence, and elevates the competitive edge of financial institutions. While AI presents challenges, such as data protection and market competition, it is poised to drive positive change in the financial world, promising a brighter future for the industry.

Stuart Anderson, Investment Committee chair of Specialist Advisors said of these developments.

“Our own investment into the UK financial services sector has been focused on companies who are embracing computer learning models and developing disruptive technologies. SMEs are well placed to exploit emerging trends and often see the fastest growth in these new sectors creating fantastic opportunities for investment. We continue to position our portfolio towards these “Engines of Growth”

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