EU Financial Regulation - What is coming for AI in Financial services?
The use of AI is spreading across the economy, and financial services are no exception. AI use cases are still somewhat limited in financial services, but regulators are starting to take notice. Although its implementation varies by business model, AI can already be found in banking, asset management, and the insurance sector, and similar risks may emerge.
Today we examine the latest paper from the Financial Stability Board (FSB), released at the end of September. The paper summarises roundtables held with the OECD on the use of AI in Financial Services, as such the content is not groundbreaking. What will be key is the FSB's more detailed report in the coming months on the use of AI in Financial services, and we will make sure to report about it.