Financial services is a sector that can expand economic opportunity while meeting societal needs. According to a McKinsey study, AI solutions could add an additional US$2 trillion of annual value for banks and insurance companies globally.
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With the right strategy, financial services firms — namely banks and insurance companies — can unlock the full potential of responsible AI, reinventing the way they meet the needs of society and power economic growth.
Contrary to the popular belief that regulation hinders innovation, 3 in 4 financial services companies said they would appreciate clear regulation and standards on the use of AI.
Trust is a must in financial services. An overwhelming 93% of companies demand that AI solutions be trustworthy.
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While all financial services companies use AI in their processes in some way, differences exist in the extent of the deployment of AI. Only 13% are AI leaders — companies that are effectively using responsible AI in most of their processes to create value.
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