Financial services firms rush to AI despite lack of understanding of its functions

In response to analysis performed by the Financial institution of England and the Monetary Conduct Authority on AI in UK monetary companies, three quarters of companies are already utilizing AI, with scope for an additional 10% to implement the know-how over the following three years. 
This marks a major uptick within the figures from the 2022 joint BoE and FCA Machine studying in UK monetary companies survey, the place the responses stood at 58% and 14%, respectively. 
However regardless of the push to implement this know-how, nearly half (46%) of respondent companies admitted to solely having ‘partial understanding’ of the AI tech…