Introduction
The Bank of England is establishing an Artificial Intelligence Consortium. Its purpose is to provide a platform for public-private engagement to gather input from stakeholders on the capabilities, development, deployment and use of AI in UK financial services. Its specific aims are:
- to identify how AI is or could be used in financial services, for example, by considering new capabilities, deployments and use cases as well as technical developments where relevant
- to discuss the benefits, risks and challenges arising from the use of AI. Such benefits, risks and challenges may be with respect to financial services firms or with respect to the wider financial system
- to inform the Bank of England’s approach to addressing risks and challenges, and promoting the safe adoption of AI.
The AI Consortium has officially launched as of Friday 2 May 2025. We are excited to welcome our members and observers to this initiative.
If you would like to get in touch, you can reach us at: AIConsortium@bankofengland.co.uk.