75% of UK financial firms use AI, and 46% only partly understand what they use
Summary of Bank of England and Financial Conduct Authority, 21 November 2024Source read
The Bank of England and FCA surveyed financial firms and found 75% already use AI, with a further 10% planning to within three years. 46% of firms said they have only a partial understanding of the AI technologies they use, most often because the tools come from third parties.
- 75%
- of surveyed financial firms use AI
- 46%
- only partially understand the AI they use
- Third party
- most common reason for the gap in understanding
What it means for a small firm
If regulated firms with compliance teams cannot see inside their tools, a ten-person firm certainly cannot. Ask any vendor what the tool does with your data before you sign.
Original source
Artificial intelligence in UK financial services 2024
Bank of England and Financial Conduct Authority
This page is our own summary, written 23 October 2026. The figures belong to the publisher. We checked them against the publisher’s page on the date above.
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