Very interesting report recently released by the FCA and Bank of England looking into the increased use of Machine Learning (ML) in the FS sector. There is no doubt that ML raises questions around the application and use of data and the automation of processes and systems within the sector as well as general decision-making which will have a bearing on regulation and compliance in the future.
ML is increasingly being used in UK financial services. Two thirds of respondents report they already use it in some form. The median firm uses live ML applications in two business areas and this is expected to more than double within the next three years.