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Law360, Expert analysis: Artificial intelligence is rapidly transforming the financial services industry. From personalised customer support to improving risk assessment and compliance, AI is reshaping how financial institutions, consumers and markets operate. On 31 October 2024, Sarah Breeden, the deputy governor of the Bank of England (BoE), announced that it had found that 75% of firms now use some form of AI in their operations. While the technology is still evolving, the potential for AI in financial services is wide spanning and will enable the industry to become much more efficient, transparent and autonomous. Katie Simmonds, managing associate, Amy Battinson, solicitor, and Michael Lewis, partner, at Womble Bond Dickinson explore the predicted trends in AI within the financial services sector, highlight the regulatory risks and consider what we can expect over the next year.
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