The Treasury Committee is launching an investigation to examine the impacts of the increased use of artificial intelligence (AI) in financial services.
The provision of financial advice is already carried out by the AI and it will certainly not grow exponentially in the coming years. The launch of the survey reflects this reality.
The call for evidence of the Committee is open now, the goal being that the Treasury understands better how financial services can use AI while protecting consumers from risks.
The figures of the Banque of England show that 75% of companies already use AI, with an additional 10% providing for it to use it in the next three years.
The survey should explore how AI is currently used by city companies as well as the opportunities it brings for innovation in the financial services sector.
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MPs can also consider the potential impact on employment and examine how the United Kingdom is compared to other countries in its competitiveness and its approach.
Another element of the particularly relevant survey for advisers is the emphasis on the guarantees that may be necessary to protect consumers, especially vulnerable which can be at risk of biases.
The Committee wishes the contribution of a “range of votes”, especially in the financial industry, the AI sector, consumers and other experts. The deadline for submissions is Monday, March 17.
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The chairman of the committee, Dame Meg Hillier, said: “Successive governments have clearly indicated their intention to integrate and extend the use of AI to modernize the economy.
“My committee wants to understand what it will look like for the financial services sector and how the city could change in the years to come because this transformation brings together the pace.
“It is extremely important that the city can capitalize on innovations in AI and continue to be a world leader in finance. However, we must be aware of ensuring that there are adequate guarantees in place to mitigate the associated risks, especially for customers. This work will allow us to see the image complete. »»
Nina Cherry, heritage consultant at Simplify Consulting, said: “This is an opportunity for companies to provide their contribution regarding the use of AI is well timed. There are so many innovative use cases for the application of AI in industry and many of them already bear fruit.
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“While this adoption comes together, we must absolutely be aware of the risks as well as the advantages, and we must understand the impact that this will have on the workforce,” she continued.
“AI is a powerful tool to support and empower people rather than replace them. It will be interesting to see the responses of this call for evidence and in which direction the Treasury Committee decides to take accordingly. »»