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Home Finance UK Allocates £3m for AI Research for Financial and Legal Services

UK Allocates £3m for AI Research for Financial and Legal Services

Artificial intelligence is no longer just a buzzword; it is a reality that is taking shape in various sectors and parts of the world.

Governments including China and the United States have proven to be among the leading proponents of this groundbreaking technology, thanks to their fierce competition to become AI global leaders.

This situation has sparked increased interest by other governments such as the UK government, which has in recent times demonstrated a keen focus on exploring the potential of artificial intelligence in various sectors.

As a testament to this case, the United Kingdom government recently allocated £3 million to projects aimed at boosting productivity in both legal and financial services through artificial intelligence (AI).

The Department for Business, Energy and Industrial Strategy commissioned research that is aimed at focusing on enhancing artificial intelligence technology in a bid to minimize processing times across all services while saving customers’ money.

The department’s Industrial Strategy Challenge Fund will support all the projects, with the aim of bringing together enterprises with research in a bid to improve innovation in the United Kingdom.

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The projects will commence in December and go on for three years.

Greg Clark, the UK’s business secretary, said that the United Kingdom marks the historic home of artificial intelligence, considering the activities of British scientist Alan Turing.

The technology is also expected to transform not only how people work but also live as it goes on to infiltrate the economy.

“Through our modern Industrial Strategy, we want to build on our history of innovation to develop and deploy AI to create new opportunities and improve services across the whole economy,” he said.

Artificial intelligence financing comes one year since the unveiling of the UK’s government industrial plan and is expected to understand customer attitudes towards this particular technology.

AI funding also marks one of the critical areas of focus recognized by the UK government in its effort to position the United Kingdom “at the forefront of the AI and data revolution.”

The novel research makes up a section of a broader effort to back enterprises in their adoption of new technologies, primarily through the UK government’s £10 million Regulator’s Pioneer Fund.

“AI and Data driven technologies have the potential to transform our services sectors,” claimed Stephen Browning, the Challenge Director of Next Generation Services. “But in order for the UK to derive the biggest benefit, we will need to address not only the technical challenges that application of these technologies requires but also the human behavioral challenges that must be addressed.”

The Centre of Data Ethics and Innovation has accounted for concerns pertaining to the governance of artificial intelligence.

The organization started as a £9 million advisory entity to regulators, specifically on the ethical use of data.

Currently, services account for nearly 8% of the UK’s entire economy.

About 2.2 million individuals are employed across various professional and financial services alone.

If the UK keeps up with her efforts and continuous support of artificial intelligence projects, it may give the US and China a run for their money.

READ MORE: Top 25 AI Software for the Banking Industry

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KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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