Fintech & Ecommerce

Bank of England Governor Andrew Bailey Embraces AI

Governor of the Bank of England Andrew Bailey agrees with the opinion of the House of Lords that artificial intelligence should not be perceived as a risk to business.

Bank of England Governor Andrew Bailey Embraces AI

During a conversation with media representatives, the head of the financial regulator of the United Kingdom said that machine intelligence would not cause what he called the mass destruction of jobs. According to Andrew Bailey, people adapt to work with new technologies because of the great potential inherent in innovative developments.

The Bank of England believes that businesses that have already adapted to new technological realities and invested in artificial intelligence will see positive results in their decision in terms of performance indicators in the foreseeable future. Andrew Bailey also noted that the economy and jobs are always adapting to interact with innovation. Separately, in this context, he stated that people with machines achieve better results. The head of the central bank of the United Kingdom also drew attention to the fact that historical experience indicates a lower level of efficiency of machines without human intervention.

Baroness Stowell, Chairman of the House of Lords Committee, says that existential risks and science fiction scenarios should prevent organizations from benefiting from advanced technology. Separately, she noted that the United Kingdom may miss out on the gold rush of artificial intelligence if it focuses on an apocalyptic vision of the future.

Baroness Stowell also says that no security expert will be trustworthy unless the UK develops machine intelligence and becomes part of the real advancement and creation of progress in this area.

As we have reported earlier, Germany to Back EU AI Act/

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.