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

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

More than three quarters of financial services firms surveyed are both contemplating or are already using synthetic intelligence (AI) or machine learning (ML) options, in keeping with a brand new world report by worldwide regulation agency Norton Rose Fulbright.
The agency’s new The Power of AI: How is synthetic intelligence reworking financing services? report options responses from a cross-section of financial services purchasers* surveyed around the globe.
While solely six % of respondents mentioned they are on the level of transferring in direction of massive scale adoption or improvement of AI/ML options, many confirmed they are within the early phases of assessing or creating the instruments’ potential throughout no less than some areas of their enterprise. Less than 1 / 4 (24 %) of respondents mentioned that they don’t presently use AI/ML in any respect.
A complete of 94 % say that they are going to (71 %) or could (23 %) use AI/ML options extra within the subsequent three years. A sizeable 87 % of respondents mentioned that they are already using, have confirmed plans to make use of, or are already evaluating use of massive language fashions (LLMs) corresponding to ChatGPT or LaMDA.
The survey reveals that use circumstances for AI/ML are fairly diversified, with many presently involving automation – for instance, doc era and IT safety – relatively than automated decision-making.
Barriers to adopting AI/ML amongst surveyed financial services firms are additionally diversified, with an absence of experience (23 %) and limitations across the availability of knowledge and/or the proper to make use of such knowledge (19 %) each talked about as key components. The dangers that financial services firms are most involved about embrace coaching knowledge and knowledge safety compliance (28 %) and biased outcomes (24 %).
Marcus Evans, Partner at Norton Rose Fulbright LLP, mentioned:
“The efficacy of machine learning fashions is dependent upon entry to enough quantities of coaching knowledge. This generally is a problem to supply internally or externally. Synthetic knowledge sources and in depth coaching of the system could be required. It is due to this fact no shock that 19 % of financial services firms responding to our survey take the view that knowledge limitations are a key barrier for adoption.”
Many financial services firms seem to nonetheless be within the strategy planning stage, with comparatively few respondents (15 %) saying they are presently discussing their plans to undertake AI/ML with regulators.
Hannah Meakin, Partner at Norton Rose Fulbright LLP, mentioned:
“In the UK, to take an instance, the Prudential Regulation Authority and the Financial Conduct Authority will need to see firms putting in governance preparations round all phases within the AI lifecycle. Robust governance is prone to be one of the important thing means via which firms can provide the regulator consolation about their evolving use of AI.”
Norton Rose Fulbright advises many of the world’s main financial establishments and FinTechs on the authorized, regulatory and business points raised by the impression of expertise on their companies. Operating in additional than 50 cities the world over, the worldwide group includes skilled, expertise and regulatory authorized professionals, with specialised business expertise from throughout all of the agency’s main apply areas.
*The report options responses from greater than 50 of the world’s top financial services firms, who are purchasers of Norton Rose Fulbright.

https://ffnews.com/newsarticle/fintech/new-survey-76-of-top-financial-services-firms-are-envisaging-or-already-using-ai-or-machine-learning/

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