The Bank of England published the findings of its third joint survey with the U.K. Financial Conduct Authority on the use of Artificial Intelligence and machine learning in financial services. The survey aims to build on existing work to further the BoE's and FCA's understanding of AI in financial services, in particular by providing ongoing insight and analysis into AI use by BoE and/or FCA-regulated firms.
Points of interest include: (i) use and adoption - 75% of firms are already using AI, with a further 10% planning to use AI over the next three years; (ii) third-party exposure - a third of all AI use cases are third-party implementations; (iii) automated decision-making - 55% of all AI use cases have some degree of automated decision-making, with 24% of those being semi-autonomous; (iv) understanding of AI systems - 46% of respondent firms reported having only 'partial understanding' of the AI technologies they use versus 34% of firms that said they have 'complete understanding';
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