The power of AI

How is artificial intelligence transforming financial services?

Artificial intelligence will revolutionise how financial services are operationalised and delivered and will be a major enabler for entirely new financial products.

But how are firms using AI and what are the opportunities and challenges with large-scale adoption? Hear from a cross-section of financial services clients around the world in our survey report.

Our survey shows 76% of top financial services firms are envisaging or already using AI or machine learning

Download the report

Headlines

Increase in adoption in the next three years

94% of respondents said that they will or may use AI/ML solutions more in the next three years. A sizeable 87% of respondents said that they are already using, have confirmed plans to use, or are already evaluating use of, large language models (LLMs) such as ChatGPT or LaMDA.

Use cases and deployment

Use cases for AI/ML are quite varied, with many currently involving automation - for example, document generation and IT security - rather than automated decision-making.

Barriers to adoption are varied but data is a key concern

Barriers to adopting AI/ML among surveyed financial services firms are varied, with a lack of expertise and limitations around the availability of data and/or the right to use such data both mentioned as key factors. The risks that financial services firms are most concerned about include training data and data protection compliance and biased outcomes.

Humans in the loop

It very much depends on the particular use case, but according to our survey 79% consider that human evaluation will be required in their intended use cases.

AI will revolutionise how financial services are operationalised and delivered. It will also be a major enabler for entirely new financial products.- Hannah Meakin, Partner