Study casts doubt on business trust of Gen AI

More than 90 per cent of senior decision makers believe the Government should introduce stricter regulations for Generative AI, according to academic research.

And three-quarters say they are not happy with the Prime Minister’s approach to it, with even more admitting the worry about the security risks it poses.

These were the findings of the polling agency Censuswide who surveyed 250 bosses at financial institutions and banks to measure how they felt about the current state of AI and its widespread use.

Ram Gopal headshot

Gopal: capabilities yet to be seen

Almost nine in ten believe it helps financial criminals exploit organisations even more, and 29 per cent of organisations have even taken the step of banning the use of AI – 11 per cent of them implementing a full ban, 18 per cent a partial one and 37 per cent considering some form of ban.

The study, commissioned by the Gillmore Centre for Financial Technology at Warwick Business School, comes after the Global AI Safety Summit at Bletchley Park, where Rishi Sunak and global industry leaders explored the safe development of AI and its regulations.

Eight in ten bosses have set up a sandbox environment to experiment with Gen AI applications, but even more feel that academic research is necessary for them to trust it.

Gilmore Centre director Ram Gopal said: “It is understandable that there is some hesitancy around the adoption of Generative AI, but it can facilitate much knowledge sharing and be creative in the way it pulls together and integrates ideas, with the potential to revolutionise the way we work and live.”

“University research centres can play a significant role in the experimentation of and input on AI and its development, offering robustly tried-and-tested outcomes for everyone. In collaboration with other tech leaders and governments, we must make sure that AI’s regulation balances putting safety first without impinging on innovation and forcing firms to put innovations on the back burner.

“Much of AI’s capabilities are yet to be seen, meaning a plethora of unprecedented benefits are still to be unlocked, and its risks need to be carefully monitored.”

On a more positive note, 93 per cent of senior decision makers believe Gen AI is going to revolutionise the fintech and financial services sector, and a further 91 per cent are convinced it will play a vital role in financial democratisation.

Read the full report here 


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