Rapid and accelerating developments in artificial intelligence have prompted governments around the world to consider how AI should be regulated and used responsibly by businesses, without stifling innovation.
This is particularly the case in the financial sector, where AI has the potential to bring operational efficiencies and even improved investment performance, but also brings with it risks due to the inherent unknowns that come with new technology. AI (as now defined) has in reality been widely adopted for many years in the financial sector, including for text transcription, chatbots and helpdesks and data analytics. However, there are many potentially novel applications where AI has the ability to replace roles traditionally performed by humans.
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