Most UK banks are experimenting with Generative Artificial Intelligence

Presently, as per a survey by UK Finance, numerous local businesses and entities within the financial services realm in the United Kingdom are experimenting with generative artificial intelligence technologies and tools, reports PaySpace Magazine.

A primary application of generative AI in this context involves the implementation of a co-pilot system aimed at enhancing employee efficiency. The survey in the UK's financial sector, encompassing international banks, medium-sized lenders, and non-banking entities offering financial services to consumers, revealed that these organizations employing machine intelligence technologies do not anticipate a return on their investments in the next three to five years.

Despite this outlook, three-quarters of the respondents express confidence in the benefits of artificial intelligence, particularly in terms of heightened productivity and improved operational activities. However, this optimism doesn't extend to scenarios involving customer service and technologies designed to boost profitability indicators in the future with AI, although experts suggest these applications could yield positive results.

Acknowledging the potential risks associated with AI, all organizations in the British financial sector are proactive in considering and preparing for negative scenarios, with over half of the firms and banks already implementing precautionary measures.

Jana Mackintosh, MD and specialist in payments, innovation, and sustainability at UK Finance, highlights that entities in this sector are actively seeking collaboration with politicians and regulators. This collaborative effort aims to formulate an approach to advanced technologies that maximizes the advantages of innovative solutions while establishing a robust system to mitigate risks.