Majority of UK Banks Test GenAI

Currently, according to UK Finance survey, in the United Kingdom, many local companies and organizations that operate in the sphere of financial services are using generative artificial intelligence technologies and tools in a test mode.

Majority of UK Banks Test GenAI

One of the main scenarios of applying generative AI in the mentioned area is a co-pilot designed to increase employee efficiency.

In the United Kingdom, a survey of representatives of the financial sector, that use technologies and tools of machine intelligence was conducted, according to which it turned out that they do not expect a return on their respective investments over the next three to five years. In this case, 23 organizations were interviewed, including international banks, medium-sized lenders, and non-banking firms providing financial services to consumers.

At the same time, three-quarters of respondents are convinced that they will benefit from the use of artificial intelligence. In this case, positive expectations are associated with an increase in the level of productivity and an improvement in operational activities. At the same time, respondents do not extend this attitude towards the so-called future with AI to scenarios of using advanced technology related to customer service and aimed at growing profitability indicators. However, many experts say that the specified variants of applying machine intelligence are also possible and can bring a positive result.

All organizations in the British financial sector take into account the potential risks associated with AI. More than half of firms and banks have already taken measures in case of negative scenarios.

Jana Mackintosh, MD, Specialist in payments, innovation, and Sustainability, UK Finance, says that organizations of the mentioned sphere seek to cooperate with politicians and regulators to form an approach to advanced technologies that will maximize the benefits of innovative solutions and create a solid system of protection against risks.

As we have reported earlier, JPMorgan Cooperates With US Regulators on Creating AI Projects.