Fintech the leading sector for AI adoption, finds Moody’s
Fintech is the leading sector for AI adoption and readiness in risk and compliance, according to the results of a new study carried out by Moody’s Analytics.
Researchers discovered almost one in five (18%) professionals working in the fintech space are actively using artificial intelligence – double the adoption rate across all surveyed sectors (9%).
Sectors like insurance, asset management and wealth management have been slower when it comes to uptake, with only 3% of respondents in those areas actively using AI, although another 11% are in the process of piloting the technology.
Banking, meanwhile, sits behind fintech, with 12% of respondents currently employing AI.
“While fintechs are demonstrating higher rates of usage and piloting of AI for risk management and compliance processes, the banking sector is not far behind,” comments Keith Berry, General Manager, KYC Solutions at Moody’s Analytics.
“The broader trend in our study shows that the appetite is there across all sectors to leverage AI technologies for productivity gains, particularly targeting data screening and augmenting staff performance.
“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.”
Compliance and risk professionals lack AI understanding
In carrying out its research, Moody’s Analytics surveyed more than 550 senior compliance and risk management professionals from 67 countries to assess their perspectives on and uses of AI.
A key component of the study compared implementation and piloting of AI within different sectors to determine the extent of usage now, and readiness to adopt in the near future.
Clearly, appreciation for the growing influence and importance of AI is high, with 70% of respondents confident that AI will prove to be transformative or have a major impact over the next three years.
What’s more, the vast majority (90%) are interested in the integration of AI tools by providers of risk and compliance solutions.
However, there is still plenty of work to be done when it comes to enhancing workers’ knowledge of AI, especially on the subject of where its application could fit within a risk and compliance framework.
Only a quarter (26%) of respondents rated their understanding of AI technologies as “high” or “very high”, whereas almost a third (29%) defined their knowledge as “low” or “very low”.
Read the full report: Navigating the AI landscape
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