The IIF–EY Annual Survey on AI Use in Financial Services highlights how AI has become central to global investment, development, and competitiveness. New agentic and open-source AI models, along with Generative AI and Large Language Models, are advancing the technology’s capabilities.
In 2024, public policy shifted from emphasizing AI safety and control to promoting investment, infrastructure, and adoption, aiming to boost economic competitiveness.
Within this context, the financial services industry remains a leader in the responsible and strategic use of AI, showing continued growth in governance, oversight, and investment since 2018. This year’s survey also notes emerging challenges related to the rapid pace of AI evolution and third-party relationships.
Key themes and findings in this year’s survey report include:
- Increasing resources and investments for AI
- Quickening adoption curves for new types of AI
- Ongoing concerns on data quality and data availability
- Rising challenges with third-party oversight and governance
- Continuing regulatory and supervisory engagement
