Bank of England reports on AI in financial services - LoupedIn

The Bank of England has published its report "Machine Learning in UK Financial Services". The report sets out its findings, following a survey of around a hundred regulated firms in the UK. It highlights the growing use of machine learning, especially in insurance, and the challenges of explainability, legacy systems, the skills gap and regulatory uncertainty. The number of UK financial services firms using or developing machine learning (ML) applications is increasing, and this trend is set to continue across a greater range of business areas within financial services. The largest expected increase in use, in absolute terms, is in the insurance sector, followed by banking.