Can financial firms grasp the AI opportunity?

Artificial intelligence (AI) has the potential to transform financial firms’ efficiency, insight and competitiveness. Many organisations already make use of predictive AI in areas such as fraud detection or customer communications. But the launch of generative AI tools has created an explosion of interest in the opportunity to drive further efficiencies and boost profits.

This is also placing extra demands on risk and technology leaders. AI use comes with challenges – not least navigating the regulatory landscape. Companies must also consider concerns around data privacy and the impact of output bias on decisions arising from processes that use AI. 

This Risk.net survey report explores the extent to which AI is being deployed across financial firms, how they are tackling the challenges involved and their plans for future AI development. 

Developing an organisational strategy underpinned by solid risk management controls and a strong governance strategy could push AI into the revenue-generation phase. As the findings of this survey show, however, much work remains to be done to make this kind of AI revolution a reality.