Artificial Intelligence (AI) has evolved at an unprecedented
pace, becoming deeply rooted in the daily operations of a wide
range of industries. The public release of OpenAI's ChatGPT-3.5
in November 2022 marked a turning point, significantly accelerating
AI's accessibility, capabilities, and adoption across both
personal and professional settings. With this surge of usage, a
corresponding need for understanding of AI's risks, benefits,
and opportunities has presented itself.
In the realm of financial services, AI-driven systems may be
used for several purposes. Credit institutions may utilise AI
systems for analysing transactions for fraud detection and
prevention and for flagging potential money laundering activities.
Use-cases for insurance companies include using AI systems for
their claims processing and underwriting operations, and possibly
also to set the prices of their insurance products. Financial
institutions may also consider using AI techniques to
