The annual IIF-EY AI/ML Survey on financial institutions’ use of AI/ML, first launched in 2018, highlights broadly established use of the technology, strong governance and oversight techniques, and increasing investment, but with slow adoption of third-party GenAI use for external-facing applications. 100% of survey respondents indicated increased investment in AI/ML in 2024 with 50% increasing investment by greater than 25%.
Financial Institutions have significant experience employing AI/ML tools This survey explores the impact of AI/ML practices in financial institutions and captures the views of 56 participating institutions from the financial industry. The report is focused on 5 topic areas:
- AI Development, applications, and use cases
- AI/ML Governance and Oversight
- Use of third-party models
- Regulatory and supervisory engagement
- Generative AI
This 2024 IIF-EY Survey on AI/ML Use in Financial Services is a continuation of a multiyear effort to study global Artificial Intelligence in the financial industry. This summary report 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 2025 we will launch the next edition of our AI Survey to continue this series of reports and provide better insights for market participants and authorities. If you wish to participate in the 2025 AI survey, please reach out to Lokesh Bulchandani ([email protected]) or Daniel Mendez Delgado ([email protected]).