Zero Error Approach to AI in Financial Services Deemed Impossible
According to Tom Mutton, the Bank of England's director of digital currency, it is impossible to achieve a "zero error approach" to artificial intelligence in financial services.
It is going to be impossible to get to a zero error approach here.
Mutton emphasized the importance of responding to disruptive events, minimizing disruption, and staying within impact tolerances. He also highlighted the need to strike the right balance between prevention, detection, and remediation.
David Geale, digital finance boss at the FCA, noted that while AI poses risks, it also presents opportunities, such as improving financial advice. The FCA is aware of the risks and believes that people will come to the regulator when issues arise.
Author's summary: AI in finance has no zero error approach.
- Tom Mutton: Director of digital currency at the Bank of England
- David Geale: Digital finance boss at the FCA
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