Technology Challenges for Growth in Financial Services

A recent City AM article, ‘The Government is on a Charm Offensive in Davos but Businesses are Skeptical’, discusses obstacles to the UK’s future economic success.

An interesting facet of the article dwells on the fact that CEOs and board members in key sectors such health, tech, retail, energy and finance harbour concerns over cyberterrorism and artificial intelligence (AI). 

Surveys suggest that more than two thirds of business leaders (65 per cent) are somewhat or very concerned about the potential risks AI poses to their organisation and its reputation, with 42 per cent of business leaders most concerned about data privacy breaches, followed by deep fake fraud (18 per cent) and bias in AI algorithms (17 per cent). 

The article argues that “government’s ten-year AI plan is to be applauded but these potential barriers to progress must be tackled head-on.”

So where does this leave business and technology in the drive towards a secure, AI enhanced future, with all the cost savings and efficiencies that it has the power to deliver?

It is true that in recent meetings in the City of London, a head of cyber security detailed the extensive processes and large team that is in place across the world to protect his bank from cyber threats. “Better to invest now than to pay the cyber hacker,” he admitted.

In our technical due diligence work, we assess cyber security against global recognised principles that require a multitude of different processes and techniques. We stir the recipe with a dose of Arishi common sense. Every new technology (including AI) offers benefit to financial services firms whilst at the same time presenting a new risk paradigm.

AI, crossing business units and a multitude of data sets, is rightly a risky business in the wrong hands. At Arishi, we work closely with our clients to ensure explainable processes and adherence to data protection and financial services regulations.

We don’t say that any of this is easy but it’s why clients come back to us.