Removing the barriers to AI success

Artificial intelligence is reshaping the financial services sector, driving efficiency, delivering insight and enhancing decision-making. Many firms are already leveraging AI for applications such as risk and fraud detection, algorithmic trading and personalised client interactions. However, the rapid advancements in technology also bring significant challenges, particularly around data quality and compliance with evolving regulations.

This Risk.net survey report, based on responses from more than 100 respondents across the financial services spectrum, provides a detailed examination of how financial firms are currently deploying AI, the obstacles they encounter and the innovative strategies they are implementing to overcome these challenges. It features real-world use cases, comments and insights from leading practitioners in banks and buy-side firms, highlighting the path toward successful AI integration.

Establishing a robust governance framework and implementing effective risk management practices are essential for realising AI’s full potential. The findings of this report underscore that, while progress is being made, substantial work remains to harness the transformative power of AI in the financial industry.

“At the core of successful AI implementation is a change in mindset,” says Lloyds Banking Group’s Shehryar Humayun. “We must take everyone along on the journey to ensure that AI tools are embraced, not feared.”