In recent years it has become clear that the applications and potential uses of artificial intelligence are an increasing consideration for CMS clients across all sectors, and popular opinion holds that the businesses that manage to capture the potential of AI are the ones that will thrive in the economy of the future.
For that reason, lawyers from across the firm have been working to understand and help shape the uses and regulation of AI, with CMS partners participating in the All-Party Parliamentary Group on AI, and working with clients to help commercialise the benefits of AI in compliant and ethical ways.
The twin factors of a highly regulated environment along with enormous amounts of complex customer data make the banking sector ripe for
the application of AI and the technology is clearly making its way into the mechanics of the industry. For that reason, in March 2019 we assembled a group of industry participants at a roundtable dinner to assess the current impact and limitations of these technologies. This 'Banking on AI in financial services' report captures the themes that were discussed during that event.