Limitations of Zero Error Approach to AI in Financial Services
According to Tom Mutton, Director of Digital Currency at the Bank of England, it is
impossible to have a "zero error approach" to artificial intelligencein financial services.
Mutton emphasized the importance of responding to disruptions and minimizing their impact, rather than striving for an unattainable zero-error goal. He suggested that the focus should be on
striking the right balance between prevention, detection, and remediation.
David Geale, digital finance boss at the FCA, acknowledged the risks associated with AI but also highlighted its potential benefits, such as improving financial advice. The FCA is
alive to the risksand expects individuals to report any issues that arise.
The discussion took place during a Treasury committee meeting, where experts gathered to discuss the role of AI in financial services.
Author's summary: AI in finance has limitations and risks.
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