The FCA has further signalled its commitment to helping firms implement effective artificial intelligence (AI) with its regulatory support.
Speaking at the Innovate Finance Global Summit (IFGS) 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 embraced utilising 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
It’s clear that the FCA is investing in time and support for financial service firms to help them embrace beneficial AI that contributes to growth and positive outcomes. But choosing the right AI for your firm can be challenging, which is why Recordsure AI – developed with industry expertise from our sister company and regulatory specialists at TCC Group – is a trusted solution.
Recordsure’s products have a backbone of sector-specific expertise and we’re a responsible AI provider. Years of working with regulated industries have shaped our approach to help firms deliver more efficiently for their customers. Our proprietary AI is trained on sector-specific conversations and documents, allowing us to target the context and language of your organisation. Compared to the simple keyword matching typically used across the AI industry, our sophisticated contextual reasoning methodology yields a higher word accuracy rate.
