A new study by Moody’s Analytics presents groundbreaking findings in the field of AI adoption within various financial sectors.
The study, titled “Navigating the AI landscape: insights from compliance and risk management leaders,” surveyed over 550 senior compliance and risk management professionals from 67 countries.
Key findings from the study found that FinTech is at the forefront of AI adoption for risk management and compliance, with 18% of respondents from this sector currently actively using AI. This figure is notably higher than the overall average of 9% across all surveyed sectors.
Other sectors, such as insurance, asset management, and wealth management, are lagging in AI adoption, with only 3% actively using AI. However, 11% of these sectors are in the pilot phase of AI implementation.
The banking sector is closely following FinTech, with 12% of its respondents actively using AI.
There is a general lack of awareness about the potential applications of artificial intelligence in risk and compliance frameworks. Only 26% of respondents rated their understanding of AI technologies as high, while nearly a third (29%) admitted to having low or very low knowledge.
Keith Berry, General Manager, KYC Solutions at Moody’s Analytics, highlighted the progressive use and piloting of AI in FinTech for enhancing risk management and compliance processes. He noted that the banking sector is not far behind in this technological advancement.
Berry emphasised the overall eagerness across sectors to utilise the technology for improving productivity, especially in data screening and boosting staff performance. He stated, “The compliance professionals who joined our research clearly expect AI to be transformative within their profession, with the fintech sector presently at the vanguard of this change.”
The study’s comprehensive approach, encompassing various global perspectives, underlines the varied readiness and implementation stages of artificial intelligence across sectors. It underscores the need for increased awareness and understanding of the technology’s capabilities in risk and compliance.
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