The Ashfords Unlocking AI Podcast - Episode 7: How is AI elevating fintech and financial services?

Oliver Woodhouse, who leads our financial regulatory practice, and commercial solicitor Tom Lattimore investigate how AI is currently being used in the financial services and fintech sector, including areas such as fraud detection, insurance and payments. They also explore the use of AI within marketing, content and customer support. 

Whilst studies have shown that AI can help to improve performance in certain areas, the podcast also delves into AI risk, including data protection and security implications, and potential for issues of bias and discrimination. This episode explores how AI can enhance services, but also the potential regulatory repercussions if things go wrong. Oliver and Tom also share insights on potential UK regulatory developments and provide tips for organisations when using AI tools.

Please note: since recording this episode of our Unlocking AI podcast, the FCA and Bank of England published the results of its third survey on AI and machine learning in UK financial services – an insightful read, the report comments on the continued growth and adoption of AI in the sector, considering respondent feedback on benefits, risks and constraints. Those areas with the greatest perceived benefits include data and analytical insights, fraud mitigation and cybersecurity, whilst key concerns continue to focus on data protection and privacy, as well as overarching safety and security concerns of emerging AI models.