Can financial services firms grasp the AI opportunity?
The rapid development of artificial intelligence (AI) is presenting new opportunities for financial firms. There has been much excitement – as well as a fair amount of concern – about AI’s world changing potential across all areas of life. Many financial firms already make use of predictive AI in areas such as fraud detection. But the launch of generative AI (GenAI) tools – particularly ChatGPT in November 2022 – has created an explosion of interest among all kinds of companies that hope to use it to achieve greater efficiencies or even to boost profits. This is also placing extra demands on risk and technology leaders, as companies attempt to adopt and integrate new AI tools and techniques. AI use comes with challenges – not least navigating the regulatory landscape around these tools, which is still a work in progress. 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 and their plans for future investment in, and development of, this innovative technology.
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