Claim your free copy of 'State of Responsible AI in Financial Services' in partnership with FICO.

Artificial intelligence (AI) technology has been the center of much hype over the last few years. With many of the potential benefits of AI technology seeming some way off, the benefits of using AI were limited to early adopters.

This is starting to change. AI strategies are maturing, and the benefits of this nascent technology are beginning to spread across industries and throughout business functions.

Last year, in partnership with industry giant FICO, in our State of Responsible AI 2021 report, we revealed a startling lack of urgency around the importance of AI ethics in key industries in the US and Europe.

This year, in our third annual survey, we focused specifically on the banking and financial services sector. Our interviews with 100 AI
and data executives reveal that many organizations in financial services and banking today are now focusing on improving their approach to responsible AI and AI ethics.

29% of respondents to this year’s research have already made AI ethics and responsible AI a core part of their
business strategy, compared with 21% last year in our cross-industry study.

However, this means that 71% of respondents still believe that responsible AI is a strategic element to be prioritized in the future, rather
than today.

With the demand for AI on the rise, it’s more crucial than ever for data, analytics, and AI leaders to raise awareness and understanding of AI ethics and the necessity of responsible AI in their organizations.