The paper is a high-level overview describing how can AI be used within the Financial Services industry. One thing that I would highlight (page #19) is the FCA approach to AI. For widespread usage of GenAI within Capital markets we need Regulators' support and advise.
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Thank you Carlos for sharing this interesting FCA survey with CuriousAI forum members. In the "AI Publications" section, you will find the executive summary of this survey.
Thank you Carlos for sharing this interesting paper with CuriousAI forum members.
In summary, AI is redefining financial services, offering personalized experiences, automated advice, and financial education. But as AI takes center stage, regulators and industry leaders must address risks like bias, transparency, and security.
Top AI Use Cases in Finance are:
Robo-Advisors: Algorithm-driven financial planning with minimal human input
Personalized Finance: AI-powered tools help manage money, offer tailored recommendations, and improve credit assessments.
Consumer Education: Chatbots and AI-driven platforms make financial knowledge more accessible.
How are regulators responding? Some nations adopt strict AI laws (e.g., EU AI Act), while others focus on self-regulation and innovation-friendly policies. Regulatory sandboxes allow fintech firms to test AI applications in controlled environments. Cross-sector collaboration is key to ensuring AI’s benefits outweigh its risks.
AI in finance offers huge potential, but success depends on ethical implementation, strong governance, and continuous adaptation. In the "AI Publications" section, you will find a more extensive summary of this paper
Directly from an FCA recent survey: https://www.fca.org.uk/publications/research-notes/ai-uk-financial-services