(Reuters) -Bank of England Governor Andrew Bailey said on Monday that he and other regulators who oversee the financial services industry should use artificial intelligence to help them spot problems among the firms that they supervise.

“I think we’ve all got to invest heavily in data and data science, and techniques,” Bailey said during a discussion about financial regulation organised by the London School of Economics.

He said central banks and other watchdogs gather up vast amounts of data but “none of us, I think, can put our hand on our heart to say that we’re sort of optimally using it all.”

“It also creates the danger for the authorities that you’ve got the evidence in the building and you haven’t been able to use it and it subsequently comes out that somewhere in your system was

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