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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.

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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.

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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.

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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

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