Will Regulators and AI Lock Horns? Contentworks, an agency specialising in financial services marketing, has rounded up opinions from top regulators.
LIMASSOL, Cyprus, Jan. 16, 2024 /PRNewswire-PRWeb/ -- Artificial Intelligence (AI) is already widely utilised by the finance sector and the market size of AI in fintech is projected to grow from $44.08 billion in 2024 to $50.87 billion by 2029. But, and it's a big but, AI has also garnered the attention and scrutiny of regulators. Many are concerned about how the technology will be used within a compliant framework. Here's a deep dive into what regulators have said so far and what we can expect going forward.
- Contentworks, an agency specialising in financial services marketing, has rounded up opinions from top regulators.
- This can result in unpredictable outcomes, many of which could be detrimental to the stability of the financial markets.
- While establishing standards is the responsibility of regulators, maintaining ethical and clear communications with customers is the duty of financial services providers.
- 45% of financial services providers across Europe lack an AI ethics framework and 38% have no clear demarcations for accountability.