This term refers to the situation where many people do not have access to professional financial advice that could help them make better decisions about their money.

AI hallucination refers to when an artificial intelligence system generates false or incorrect information, presenting it as if it is true.

Artificial Intelligence (AI) is a branch of computer science that develops computers and machines to process tasks that would otherwise be performed by natural (human) intelligence.

Chatbots are computer programmes that can have conversations with humans using natural language. They are designed to simulate how a human would behave as a conversational partner, and can respond to questions, requests, and general conversation.

The Financial Conduct Authority’s (FCA) Consumer Duty regulation is a set of rules that requires financial firms to prioritise their customers’ interest when providing services and offering financial products.

When it comes to the Financial Conduct Authority’s (FCA) Consumer Duty regulation, customer outcomes refer to the impacts that financial products and services will have on its customers.

Deep Learning is a type of Machine Learning (ML) that uses Artificial Intelligence (AI) to create neural networks that are modelled after the human brain.

FG21/1 is a guidance issued by the Financial Conduct Authority (FCA) focused on the fair treatment of vulnerable customers by financial firms.

Financial inclusion ensures customers are able to access useful and affordable mainstream financial products and services that best meet their needs.

Generative AI refers to Artificial Intelligence capable of creating new content inspired by, but not identical to, human-generated content.

Horizontal AI, often called generic AI, is an AI system designed to perform broadly across multiple domains instead of being specialised for a single area, such as vertical AI.

Human in the Loop (HITL), in the context of Machine Learning (ML), is a model or programme that requires human interaction and intelligence to ensure the correct results.

A Large Language Model (LLM) is a type of Artificial Intelligence (AI) that can process human language.

Machine Learning (ML) is a type of Artificial Intelligence (AI) that allows software applications to carry out actions that they’ve not been explicitly programmed to do.

In Natural Language Processing (NLP), a model is an AI system trained to understand, interpret, and generate human language.

Natural Language Processing (NLP) helps machines to better understand human language. Computers can easily identify keywords and understand the literal meaning of words, but it lacks the nuance of human speech patterns, so it misses things like sarcasm.

Outcome Testing Teams (OTT) are teams within financial services organisations that assess and analyse the real-world impacts of Artificial Intelligence (AI).

Regulatory Technology or “Regtech” helps financial institutions to navigate the ever-changing landscape of regulations and compliance. It ensures that they are always operating to the most up to date requirements.

Sentiment analysis is a technique in Natural Language Processing (NLP) used to identify the emotional tone of spoken or written words.

Speech analytics does exactly what it says on the tin. It analyses speech. It sounds a lot like Natural Language Processing (NLP) because NLP is a tool of speech analytics.

Transient vulnerability is a temporary or short-term period of vulnerability for a customer, such as someone going through a divorce or the loss of a loved one.

Vertical AI are artificial intelligence systems designed for a specific industry. Unlike generic AI, which aims to work well within a variety of platforms and situations, vertical AI focuses on excelling in one narrow area. 

The Financial Conduct Authority (FCA) definition of a vulnerable customer is someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.