Fintech Leads AI Adoption in Risk and Compliance: Moody’s
Fintech is the leading sector for artificial intelligence (AI) adoption and readiness in risk and compliance, according to a Moody’s Analytics study.
The report, Navigating the AI Landscape: Insights from Compliance and Risk Management Leaders, included a poll of more than 550 top compliance and risk management professionals from 67 countries to examine their views and usage of AI.
A key element of the study evaluated AI implementation and piloting across industries to determine current usage and readiness to embrace in the near future.
According to the study, 18% of fintech respondents are actively employing AI, which is more than double the number of respondents across all surveyed sectors.
Insurance, asset management and wealth management have been slower to adopt AI; only 3% of respondents in those industries reported actively utilizing AI now, with another 11% piloting it. Banking follows closely behind fintech, with 12% of respondents currently using AI.
These findings are consistent with the research’s overall results, which show that many respondents are unaware of where AI’s application might fit inside a risk and compliance framework. Just over 25% of respondents ranked their knowledge of AI technologies as “high” or “very high,” while nearly 30% assessed it as “low” or “very low.”
“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,” said Keith Berry, General Manager, KYC Solutions at Moody’s Analytics.
