Finance insiders fearful of AI fallout
The research showed that seven in 10 (69pc) are concerned about the potential for bias in AI decision-making, while six in 10 (59pc) are worried about data privacy and GDPR compliance risks. A similar number (56pc) are concerned about a 'lack of regulatory clarity' around AI.
The Compliance Institute polled 150 compliance experts working primarily in Irish financial services organisations nationwide.
'The level of disquiet around the use of AI in organisations, particularly around AI bias and the accountability of AI-driven decisions, is interesting,' said Michael Kavanagh, CEO of the Compliance Institute.
'It suggests perhaps an inherent distrust of AI. Ultimately, AI will never be able to replicate the empathy that humans can bring to decision-making – as well as the nuanced approach they can take.
'While AI can have many benefits for the financial services sector, including its ability to detect fraud and to reduce customer service costs, its fast-growing capabilities and increasingly widespread use have raised concerns, particularly around privacy and misinformation issues and the lack of regularity clarity around AI.'
AI-driven tools are not yet comprehensively adopted in the financial services sector, the survey found, with only 2pc of organisations using them 'extensively' and 18pc using them on a limited basis.
More than half of the firms (54pc) say they are considering AI for compliance monitoring, fraud detection, or risk management. More than one in four (27pc) have no plans to implement AI tools in the near future.
Among organisations currently using AI, its use in personalised financial products was limited to 10pc.
'With only one in five organisations using AI tools, and most of these only doing so on a limited basis, the financial services sector is clearly cautious about the use of AI in firms,' Mr Kavanagh said.
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