Artificial Intelligence In Financial Services
Managing Machines In An Evolving Legal Landscape
By Linklaters
AI has the potential to super-charge financial services and transform the way services are delivered to customers. It could allow more informed and tailored products and services, internal process efficiencies, enhanced cybersecurity and reduced risk.
However, to properly understand the impact of AI, and the extent to which it really does herald the creation of a fourth industrial revolution, it is necessary to consider what AI really is and what it is capable of. It also necessary to address the regulatory and ethical challenges to its use. None of this means firms should shy away from the use of AI.
Approached properly this can provide significant benefits for the firm, its customers and wider society. Disruptive technology is a fact of life and it is not the strongest businesses that survive but the most adaptable to change.
We are beginning to see increased engagement from regulators with respect to AI, particularly in the financial services arena. In this report, we will explore both the existing and developing regulation of AI, and key legal issues that arise for businesses deploying the technology that is available today, in each case in the context of the financial services sector.
This is a complex and evolving area requiring a multidisciplinary legal approach.
