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.

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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

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Contacts

Marcus Evans
Marcus Evans
Head of Information Governance, Privacy and Cybersecurity, EMEA
Email
marcus.evans@nortonrosefulbright.com
T: +44 (20) 74443959
Hannah Meakin
Hannah Meakin
Partner
Email
hannah.meakin@nortonrosefulbright.com
T: +44 (20) 74442102
Michael Sinclair
Michael Sinclair
Knowledge Consultant
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michael.sinclair@nortonrosefulbright.com
T: +44 (20) 74442344
Lara White
Lara White
Legal Consultant
Email
lara.white@nortonrosefulbright.com
T: +44 (20) 74445158
Jonathan Ball
Jonathan Ball
Partner
Email
jonathan.ball@nortonrosefulbright.com
T: +44 (20) 74442983
Mike Knapper
Mike Knapper
Head of Intellectual Property, Europe, Middle East and Asia
Email
mike.knapper@nortonrosefulbright.com
T: +44 (20) 74443998
Christoph Ritzer
Christoph Ritzer
Partner, Co-Head of Cybersecurity
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christoph.ritzer@nortonrosefulbright.com
T: +49 (69) 505096241
Anna Carrier
Anna Carrier
Senior Government and Regulatory Affairs Advisor
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anna.carrier@nortonrosefulbright.com
T: +32 (2) 2376146
Nadège Martin
Nadège Martin
Partner
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nadege.martin@nortonrosefulbright.com
T: +33 (1) 56595374
Jurriaan Jansen
Jurriaan Jansen
Partner
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jurriaan.jansen@nortonrosefulbright.com
T: +31 (20) 4629381
Miranda Cole
Miranda Cole
Partner
Email
miranda.cole@nortonrosefulbright.com
T: +32 (2) 2376198
Etelka Bogardi
Etelka Bogardi
Asia Head of FinTech and Financial Services Regulatory; Partner
Email
etelka.bogardi@nortonrosefulbright.com
T: +65 63095455
Daniel Farris
Daniel Farris
Co-Partner-in-Charge, Chicago
Email
daniel.farris@nortonrosefulbright.com
T: +1 312 964 7730
Sean Christy
Sean Christy
Head of Technology Transactions, United States
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sean.christy@nortonrosefulbright.com
T: +1 404 443 2146
Will Daugherty
Will Daugherty
Head of Cybersecurity, United States
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will.daugherty@nortonrosefulbright.com
T: +1 713 651 5684
Maya Medeiros
Maya Medeiros
Partner
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maya.medeiros@nortonrosefulbright.com
T: +1 604 641 4846
Nick Abrahams
Nick Abrahams
Global Co-leader, Digital Transformation Practice
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nick.abrahams@nortonrosefulbright.com
T: +61 2 9330 8312
Kayaan Unwalla
Kayaan Unwalla
Consultant
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kayaan.unwalla@nortonrosefulbright.com
T: +971 (4) 3696394
Rosalind Lake
Rosalind Lake
Director: Global Head of Consumer Markets
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rosalind.lake@nortonrosefulbright.com
T: +27 31 582 5816
Hannah McAslan-Schaaf
Hannah McAslan-Schaaf
Counsel
Email
hannah.mcaslan-schaaf@nortonrosefulbright.com
T: +44 (20) 74443147

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