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FCA research finds financial services consumers keen on AI support

a person interacts with the ChatGPT application on a smartphone, selecting AI models from the interface, with the OpenAI logo in the background, showcasing the expanding integration of artificial intelligence into everyday technology.
Photo: Cheng Xin / Getty Images

Thomas Hyrkiel

2 min read
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Pilots demonstrate potential of LLMs, but signal need for human intervention and the importance of good design and testing.

The UK regulator has published the results of two pilot projects exploring the application of LLMs in consumer-facing financial services.

In the first project, researchers at the regulator asked OpenAI’s GPT-3.5 and GPT-4 to generate simplified definitions of complex financial terms, which were tailored to lower reading ages and supported

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