BFSI is one of the industries where AI/ML is causing significant upheavals in 2021 and beyond. Despite the pandemic, interest in AI and ML implementation has been resilient. According to a survey conducted by the Bank of England, around 40% of respondents said that the relevance of machine learning for future operations has increased, with 10% of institutions on a significant rise. The relevance of machine learning has not decreased at any of the banks. The financial sector is heavily utilizing artificial intelligence and machine learning to automate and simplify processes.
Machine Learning algorithms are based on large amounts of data that need to be processed for the algorithm to learn. GDPR requires companies to comply with regulations that will secure consumer data. But questions have been raised about how this regulation will address automation in analytics as the AI and machine learning market grows. GDPR outlines six data protection principles, and according to Norwegian Data Protection Authority, AI is facing four of them.