PANews reported on September 23rd that Bank of England Governor Andrew Bailey said on Monday that he and other financial services regulators should use artificial intelligence to help identify problems within the firms they oversee. "I think we all need to invest significantly in data, data science, and related technologies," he said, noting that the central bank and other regulators collect vast amounts of data, but "I don't think anyone can honestly say we're using it optimally... This also creates a risk for regulators: you have evidence but fail to use it, only to discover later that 'critical clues' were already in your systems." Bailey reiterated his belief that calls for reduced financial regulation should not lead the financial services industry back to risky practices that could endanger the broader economy.PANews reported on September 23rd that Bank of England Governor Andrew Bailey said on Monday that he and other financial services regulators should use artificial intelligence to help identify problems within the firms they oversee. "I think we all need to invest significantly in data, data science, and related technologies," he said, noting that the central bank and other regulators collect vast amounts of data, but "I don't think anyone can honestly say we're using it optimally... This also creates a risk for regulators: you have evidence but fail to use it, only to discover later that 'critical clues' were already in your systems." Bailey reiterated his belief that calls for reduced financial regulation should not lead the financial services industry back to risky practices that could endanger the broader economy.