The Global Financial Innovation Network has published a report summarizing discussions led by the U.K. Financial Conduct Authority and the Dubai Financial Services Authority on the use of consumer-facing AI in global financial services and the implications for global financial innovation. These discussions took place at roundtables in July and October 2024, and covered use cases of consumer-facing AI in financial services and the opportunities and challenges presented. The FCA roundtable in July 2024 in particular explored robo-advice, personalized finance and the provision of consumer education and information. Overall, the report supported the development of further innovative solutions for consumers and the exploration of striking a balance with consumer and market protection, and international collaboration and knowledge sharing. In particular, participants proposed the creation of a formalized GFIN AI Working Group, which could include non-GFIN stakeholders to explore various AI topics. The GFIN will consider this suggestion as it plans its next steps to ensure collaboration continues and grows.
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