The Governor of the Bank of England calls for strengthening regulation with AI, reiterating warnings about risks in the financial industry

ChainCatcher news, Bank of England Governor Bailey stated on Monday that he and other agencies responsible for regulating the financial services industry should utilize artificial intelligence to help identify issues within the firms they oversee. He pointed out that the central bank and other regulatory bodies have collected a vast amount of data, but "I don't think anyone can confidently say we are optimally utilizing this data… This also poses risks for regulators: you have the evidence but fail to use it, only to realize later that there were 'key clues' in your system all along."

Bailey reiterated that he believes calls for reducing financial regulation should not lead the financial services industry back to high-risk behaviors that could jeopardize the broader economy.