AI-Powered Finance Needs Defining First, Study Says

Law360, London (October 8, 2019, 6:38 PM BST) -- British financial services experts released a study Tuesday finding that the booming artificial intelligence sector can bring benefits to the finance industry but needs to be carefully defined for regulators before it expands any further.

The "fourth industrial revolution" of automation and machine learning has the potential to help financial services companies improve customer service, spot criminal activity and better manage risks, a joint report by the International Regulatory Strategy Group — a practitioner-led group representing the sector — and professional services firm Accenture found.

But watchdogs need to be very careful with AI, the report added, warning that without carefully balanced regulation...

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