7 March 2019
Artificial intelligence (AI) has the capability to unlock huge volumes of data and is revolutionising the financial services industry. It creates huge opportunities for both established and disruptive fintech businesses, but with rewards, comes risk.
This year, we are likely to see existing law and regulation (and those who enforce it) adapting to address AI, alongside the implementation of new, standalone, AI regulation. In this article, which was first published by the International Financial Law Review, we highlight the legal, ethical and reputational risk that UK financial institutions face when using AI and suggest the steps that they should take now to minimise them.