08 Apr 2022

The AI Public-Private Forum: Final report

The Bank of England and the Financial Conduct Authority launched its final Artificial Intelligence Public-Private Forum (AIPPF) report on 17 February 2022 which sought to share information and understand the practical challenges of using AI within financial services, as well as the barriers to deployment and risks. The report gathers views on potential areas where principles, guidance or good practice examples could be useful in supporting safe adoption of these technologies and consider whether ongoing industry input could be useful and what form this could take.

The AIPPF has been a very useful initiative, a genuine framework that identified the key challenges associated with AI and Financial Services, including how to address them. The Financial Services sector has faced a series of challenges in areas such as Financial Inclusion, or fighting financial crime, or meeting issues around fraud or cyber security in which the AI technology presents fantastic opportunities to address these challenges in fundamentally new ways.

Going from experimentations, to more and more mainstream, the AIPPF has come a long way, works on personalised services e.g., access to credit, that would have been impossible to tailor at such granular level which can change the game. The ability to make more powerful decisions quicker in a more standardised and understandable way, giving consumers what they want and can expect.

Ultimately, the AI Public-Private Forum Final report, aims to advance the collective understanding and promote further discussions amongst academics, practitioners and regulators to support the safe adoption of AI in financial services.