Use of AI in financial services has bolstered productivity by 30%

Gen-AI remains 'nascent'

Existing deployments of artificial intelligence within the financial services industry have boosted productivity levels by roughly 30%.

This is according to Jana Mackintosh, managing director, payments and innovation at UK Finance, who spoke at the Treasury Select Committee hearing on Wednesday (7 May).  Mackintosh told MPs and peers on the committee that "recent estimates show productivity can be improved by up to 30%".  UK regulators diverge on rules for AI use among own employees However, according to the UK Finance director, this "very much depends on the use case and application" of the technology.  She also explained that she was "confident that there will be a positive impact on financial services" caused...