David Ramsden: Opening remarks - Launch of the Artificial Intelligence Public Private Forum

Opening remarks by Sir David Ramsden, Deputy Governor for Markets and Banking of the Bank of England, at the Launch of the Bank of England and the Financial Conduct Authority's Artificial Intelligence Public Private Forum, London, 12 October 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Over the past few years, we've seen a huge expansion in the use digital technologies across society and across the economy. And this has affected all of us in some way, whether we're shopping online or listening to music, streaming a film or engaging with friends and colleagues on social-media platforms, our lives have been transformed by remarkable innovation and technological advances. And Artificial Intelligence is increasingly at the heart of those innovative technologies.

Artificial Intelligence and Machine Learning are growing very rapidly in complexity, sophistication, and importance for society, the economy as a whole, and financial services in particular.

AI is already embedded in many of the things we use every day, from mobile phones and tablets, to online shopping platforms.