Monzo and other UK banks are trialling the use of AI in finance
The Financial Conduct Authority (FCA) has confirmed that it is working with major firms to test AI in a safe place to better understand the potential benefits and risks.
The AI Live Testing initiative is the first of its kind in the financial sector to help firms that are ready to use AI in UK financial markets. Participating firms receive tailored support from the FCA’s regulatory team and its technical partner Advai to develop, assess, and deploy safe and responsible AI.
Gain Credit, Homeprotect (part of the Avantia Group), NatWest, Monzo, Santander, Scottish Widows (part of Lloyds Banking Group), and Snorkl are the first group to take part.
The AI testing is helping firms to address key questions around evaluation frameworks, live monitoring, governance and risk management to ensure that AI is deployed safely and responsibly for consumers and markets.
Many of the AI applications currently being tested as part of the project focus on retail financial services, including use cases to harness AI to support debt resolution or provide financial advice. Applications are also exploring the potential for AI to help improve customer engagement, streamline complaint handling, and help consumers make smarter spending and saving decisions.
“Our new AI Live Testing service helps firms who are ready to use AI in live markets. By working closely with firms and our technical partner Advai, we’re helping to make sure that AI is developed and deployed safely and responsibly in UK financial markets,” said Jessica Rusu, Chief Data, Information and Intelligence Officer at the FCA.
