The Bank of England (BoE) is actively seeking participation from financial services firms for its newly established consortium focused on artificial intelligence (AI). This initiative aims to regulate and guide the integration of AI technology within the industry.
Sarah Breeden, the central bank’s deputy governor for financial stability, will lead this public-private group. Its key objectives include exploring current and anticipated applications of AI, evaluating associated risks and benefits, and shaping the BoE’s strategies regarding AI deployment in financial services.
The consortium aims to include approximately 30 experts with backgrounds in both AI and the finance sector. It plans to convene quarterly, publishing meeting minutes on the BoE’s official website. In addition, several workshops will be organized throughout the year to delve deeper into intricate topics related to AI usage.
Interested parties are encouraged to submit their applications by November 8.
For those eager to explore the evolving landscape of AI in banking, consider attending Finextra’s inaugural NextGenAI conference on November 26, 2024. Register your interest here.