Recently featured in Always Finance News, Joe Norburn, CEO at TCC Group (TCC, Recordsure and Momenta) said AI is now widely embedded across financial services, from fraud detection to customer onboarding and credit assessments.
While firms have adopted AI to improve efficiency and decision-making, regulators such as the FCA are increasing their focus on governance, accountability and operational resilience as AI becomes more deeply integrated into core processes.
Norburn said the main challenge is no longer adopting AI, but ensuring the underlying data is reliable, explainable and auditable.
He also noted that generative AI tools can process and summarise information effectively, but often struggle to meet regulatory expectations for traceability and oversight. As a result, firms are spending more time validating outputs and strengthening governance as the industry focus shifts from opportunity to control and accountability.
By contrast, purpose-built AI models built on trusted, structured data are helping financial firms deliver more accurate predictions, reliable reporting and transparent insights that can be clearly traced and explained to regulators.
Norburn comments:
“Inside firms, the conversation is shifting. Earlier discussions around AI focused heavily on opportunity. Those conversations have not disappeared, but they now sit alongside more practical concerns about control, governance and accountability.”
