Profits or Protecting the People? Recent spate of FCA fines: who’s really paying the price?
Just four months into 2024 and the FCA has been relentless at proving that Consumer Duty is every bit the ‘TCF with teeth’ the industry expected it to be. Companies have been panic provisioning following intense regulatory review including: St James Place (SJP) set aside £426m last month to cover compensating up to 100,000 clients […]
The Applications of Vertical AI in Financial Services
The financial services (FS) industry is steeped in complexity and ever-evolving regulations. From process inefficiencies to outdated legacy systems that require manual data input that hasn’t been maintained to a strong emphasis on personal relationships and customer service as the differentiator between firms, FS has struggled against the regulator’s tightening grip. But this is also […]
How the EU AI Act will impact AI development and adoption within the UK’s Financial Services Industry
What is the EU AI Act: the key takeaways The December 2023 EU AI Act is the first comprehensive legal framework for AI in the world. It aims to promote trustworthy AI by addressing key risks, ensuring fairness, and protecting fundamental rights. While the UK is no longer part of the EU (shh, don’t mention […]
5 things the FCA will prioritise in 2024 and how it’ll impact Chief Risk Officers
Based on current trends and strategic planning, here are the top 5 regulatory developments the Financial Conduct Authority (FCA) will prioritise in 2024 and everything you need to know about their potential impact for Chief Risk Officers (CROs) in financial services: Increased focus on Consumer Duty implementation and impact: The FCA are investing £5.3M to […]
Aveni founder Dr Lexi Birch to lead LLM project on Barcelona Supercomputer
Our co-founder and chief scientist Dr Lexi Birch is leading a newly approved EuroLLM project, utilising the Barcelona Supercomputer. The project was awarded 1.7M hours to help train large language models (LLMs) suitable for Europe and its multilingual economy. Dr Birch will combine her academic role at the University of Edinburgh and her science and […]
What does customer vulnerability in the UK look like in 2024?
The state of the economical and political landscapes has vastly changed customer vulnerability in the UK over the last 12-18 months. Energy prices have skyrocketed, food costs continue to increase, and inflation is at a 40-year high. Just this week, it was announced that the UK has entered a recession after the economy fell by […]
Top 10 biggest Quality Assurance challenges that can be solved with AI
Quality Assurance challenges take many different forms. When it comes to monitoring customer calls within financial services firms, or working with sensitive data, vigilance and attention to detail are essential for advisers to be supportive and transparent. It can also ensure that customers are being treated fairly and responsibly, within the boundaries of laws and […]
Top 5 Generative AI trends in financial services compliance for 2024, as predicted by generative AI
We know that there’s a lot to come in the next twelve months. That’s why we asked a popular chatbot what it predicts to be the top 5 generative AI trends in financial services compliance for 2024. This is what the chatbot predicted: 1. Automated regulatory document review Generative AI will be […]
Cavendish Online partners with Aveni for AI analytics and automation technology
Cavendish Online, part of Lloyds Banking Group, has partnered with Aveni.ai, the Artificial Intelligence fintech business, to become one of the first protection distributors in the market to use AI technology to help improve the experience for customers. Aveni’s Generative AI and Natural Language Processing (NLP)-based technology platform will listen to and learn from […]
Aveni’s top 5 financial services podcasts for your 2024 listening pleasure
Nothing gets us through the day better than a podcast. That’s why we’ve put together this list of our top 5 financial services podcasts to add to your playlist for 2024. Whether it’s keeping us company on the commute to work, accompanying us on a coffee break, or powering us through the afternoon lulls, […]
Generic AI vs financial services specific AI – what the heck’s the difference?
Artificial intelligence (AI) is transforming almost every sector of the world, and the finance industry is no exception. From robo-advisors to algorithmic trading to chatbots answering customer questions, AI is making major inroads in financial services. However, not all AI is created equal, particularly not when it comes to our finances. We’ll be deep diving […]
Traceability as protection against AI hallucination
Artificial Intelligence (AI) has been a hot topic, not just in finance but in homes and businesses across the world. From whipping up long paragraphs in seconds to translating languages, and even generating headshots for our LinkedIn profiles, we’ve really put it to work! Unfortunately, AI doesn’t always hit the mark. Navigating the AI landscape […]
