Financial Institutions have significant experience employing AI/ML tools in their work over an extended period of time. Outside of large technology firms, this makes the sector a leader in understanding and using AI/ML. With the advances in Generative AI and large language models (LLMs) in 2022 and 2023, AI has catapulted to the top of the C-suite agenda, accelerated movement across the S-curve of technology adoption, and increased urgency around factoring Generative AI into companies’ strategic positioning. With this context, and looking to explore the impact of AI/ML practices in financial institutions, the IIF and EY conducted the 2023 annual survey of AI/ML Use in Financial Services, which included 65 participating institutions from the financial industry.

The 2023 survey builds upon results from the previous surveys (2018-22) which show the ongoing growth in AI/ML usage, governance, and controls in financial institutions, including exploration of responsible AI/ML use and Generative AI.

This summary provides an abbreviated version of the survey’s findings. As in previous years, a more detailed report will be available to participating institutions, policymakers, and global standard setting bodies interested in advancing AI/ML governance and ethics.

In Q2 of 2024, we will be launching the 2024 survey on AI/ML with EY to continue this series of reports and provide better insights for market participants and authorities. If you wish to participate in next year’s survey, please reach out to Emma Handel ([email protected]) or Daniel Mendez Delgado ([email protected]).

If you would like to see the full press release, please click here.