AI in financial services: taming your tech

Fast-evolving technologies that mimic cognitive functions bring enormous potential as well as fear of dangers that could slip outside our control. How is the financial services industry to respond? John Buyers and Tom Sharpe set out c-suite considerations for the safe and responsible deployment of AI.

John Buyers (john.buyers@osborneclarke.com) is a partner as well as head of Artificial Intelligence and Machine Learning at law firm Osborne Clarke. Tom Sharpe (tom.sharpe@osborneclarke.com) is an associate director who advises on Information Technology and AI; Ben Player (ben.player@osborneclarke.com) is an associate director who specialises in financial institutions; while Emily Tombs (emily.tombs@osborneclarke.com) is a senior associate with the IT and AI teams.

Artificial Intelligence (AI) has been a transformative technology for financial services firms for some time. However, we are now experiencing a paradigm shift in the AI-ecosystem due to the significant potential of generative AI tools (GenAI), which have dominated the AI-landscape since the launch of ChatGPT in November 2022.