AI in Financial Services - The Alan Turing Institute

In July 2019, the FCA announced that it was partnering with the Alan Turing Institute to explore transparency and "explainability" of AI in the financial services sector. On June 11th 2021, the Alan Turing Institute published their report on "AI in Financial Services". This FCA commissioned report highlights the opportunities, challenges and issues involved with AI, and the role of transparency in pursuing AI innovation in the financial services sector. The report is exploratory in its nature, and seeks to provide both a framework and language that will equip stakeholders (including regulators) with an understanding necessary to navigate the evolving landscape of AI in pursuit of responsible and socially beneficial innovation. The report states from the outset that AI is already having transformative impacts on the delivery of financial services and further AI developments in the sector are still to come.