The increasingly widespread use of machine learning and artificial intelligence in financial services could give rise to new systemic risks and the implications should be considered before it is too late, according to the Financial Stability Board.

In a report published today, the FSB has outlined some of these new technologies' potential benefits and says that most market participants expect that AI and machine learning will become more widely adopted in financial services. "Because of this it is important to start thinking about the financial stability implications now rather than after the potential implications have been realised," the report notes.