Wolters Kluwer Survey Indicates Financial Institutions that Align With Regulators Are Able to Adopt AI More Successfully
“Banks are moving quickly to embed agentic AI, potentially at the expense of clear strategy and AI governance,” said
Other findings from the latest Banking Compliance AI Trend Report include:
- A substantial number of financial institutions (46.6%) point to operational efficiency as their primary AI and machine learning goal. However, there appears to be urgency around goals such as competitive advantages (10.1%) and customer experience improvements (6.8%).
- When asked what would most help advance their AI or machine learning strategy, more than half of respondents (58.8%) prioritized regulatory guidance, followed by technical training (45.9%), and industry benchmarks (37.2%).
- Only 35.8% of financial institutions surveyed have established internal policies for ethical AI use, while another 33.8% of respondents indicated that they have policies in development.
- Respondents cited explainability and transparency (28.4%) and bias/discrimination as their most acute regulatory concerns, followed by data privacy (21.6%) and fair lending (18.2%). Just 26.4% expressed confidence in their AI or machine learning initiatives with regulatory requirements, compared to the 48% of respondents who said they were somewhat confident.
- Data infrastructure also remains a critical bottleneck, as only 9.5% of respondents report being “very prepared” to support AI and machine learning with their existing data infrastructure, while 48 percent characterize themselves as “somewhat prepared.”
Wolters Kluwer Financial & Corporate Compliance provides expert services and solutions to help financial services and corporate professionals maintain ongoing compliance requirements, increase efficiency, and produce better business outcomes.
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