This post was originally published on Finextra (Security)
Three quarters of financial services firms in the UK are already using artificial intelligence, yet nearly half of these users have only a “partial understanding” of the AI they are deploying, according to a Bank of England and FCA survey.
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The survey of 118 firms from across the FS sector shows that 75% are already using AI, with a further 10% planning to do so over the next three years. This is up from 58% and 14% respectively in 2022.
A third of all AI use cases are third-party implementations, up from 17% 2022. This is contributing to a lack of understanding of the technologies being deployed: 46% report having only ‘partial understanding’ versus 34% of firms that say they have ‘complete understanding’.
Respondents report that 55% of all AI use cases have some degree of automated decision-making with 24% of those being semi-autonomous, involving human oversight for critical or ambiguous decisions. Only two per cent of use cases have fully autonomous decision-making.
Nearly two thirds of all AI use cases are rated low ‘materiality’ by the firms that use them with
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