For businesses, it is key to increasing automation and reducing costs, all while improving user experience and customer service.

The latest breakthrough is artificial intelligence (AI), which has quickly progressed from sci-fi pipedream to widespread integration. In financial services, we are already seeing both predictive AI – for data analysis and forecasting – and generative AI – such as content creation and reporting. 

Given its meteoric rise, the use of AI has raised some concerns, not just for industry, but for politicians, policymakers and the general public. During a recent presentation at Target Group HQ, Charles Roe of UK Finance explained how the trade body is working with the industry to understand the potential risks and challenges, but also the potential applications for this exciting innovation.