Summary
What this article covers in 30 seconds
- Jessica Rusu said the FCA wants firms to invest in AI in ways that drive growth and deliver positive outcomes.
- The latest FCA strategy includes a smarter-regulator agenda in which AI has an important role.
- A joint FCA and Bank of England survey indicated that 75% of firms have adopted some form of AI.
- Recordsure technology is developed with sector expertise from TCC Group and trained on sector-specific conversations and documents.
The FCA has further signalled its commitment to helping firms implement effective artificial intelligence with regulatory support.
Speaking at the Innovate Finance Global Summit earlier this week, the FCA’s chief data, information and intelligence officer, Jessica Rusu said “Our goal is to give firms the confidence to invest in AI in a way that drives growth and delivers positive outcomes for consumers and markets while at the same time offering us insights into what is needed to design and deploy responsible AI.”
This latest communication emphasises the regulator’s commitment to supporting UK growth and innovation, with a key aim of attracting more business to the country, as outlined in the latest FCA strategy.
Pro-tech approach
A key pillar of the FCA’s strategy is to make it a smarter regulator, and AI has an integral role to play. For instance, in its Supervision Hub, the regulator has used predictive AI to assist agents with live data, alongside an AI voice bot to direct consumers to the right regulatory body.
Harnessing AI for customer benefit
The FCA reports that the joint survey it conducted with the Bank of England indicated that 75% of firms have already adopted some form of AI. However, most use cases are internal applications, rather than driving benefits for customers and the broader market.
AI built on industry expertise
The FCA is investing time and support for financial service firms to help them embrace beneficial AI that contributes to growth and positive outcomes. Choosing the right AI for a firm can be challenging, which is why Recordsure technology, developed with industry expertise from Recordsure’s sister company and regulatory specialists at TCC Group, is positioned as a trusted solution.
Recordsure’s products have a backbone of sector-specific expertise and Recordsure is a responsible AI provider. Years of working with regulated industries have shaped its approach to help firms deliver more efficiently for customers. Its proprietary AI is trained on sector-specific conversations and documents, allowing it to target the context and language of an organisation. Compared with simple keyword matching typically used across the AI industry, its contextual reasoning methodology yields a higher word accuracy rate.
Frequently asked questions
She said the FCA wants to give firms confidence to invest in AI in ways that drive growth and deliver positive outcomes for consumers and markets.
The FCA has used predictive AI in its Supervision Hub and an AI voice bot to direct consumers to the right regulatory body.
It indicated that 75% of firms have already adopted some form of AI, though most use cases are internal applications.
Recordsure technology is developed with expertise from TCC Group and trained on sector-specific conversations and documents to reflect regulated firms’ context and language.