A recent IBS Intelligence’s article considers why Artificial intelligence (AI) is set to play an increasingly significant role in retail financial services – and why growing adoption is bringing heightened scrutiny around governance, accountability and risk management.
Recent commentary on the future of retail financial services explores how AI could reshape the sector through 2030 and beyond. The review found that one in five UK adults would be open to AI making financial decisions on their behalf, particularly in areas such as pensions, investments and debt advice. At the same time, it highlights concerns around consumer awareness of risk, algorithmic bias, opaque decision-making and AI-enabled fraud.
For firms embracing AI, the challenge is no longer simply implementing the technology. Increasingly, organisations are expected to demonstrate where AI is being used, who remains accountable for decisions and how customer outcomes are being monitored.
Joe Norburn, CEO of TCC Group and Recordsure, commented:
“Firms have increasingly needed to demonstrate where AI has been deployed, who remains responsible for decisions and how customer outcomes are being monitored.”
As AI adoption continues to accelerate, firms face growing pressure to strengthen oversight, accountability and data quality, while continuing to realise the efficiency and innovation benefits the technology can provide.
