The financial services sector is experiencing a significant transformation driven by the rapid adoption of artificial intelligence (AI). According to recent EY figures, over three-quarters (83%) of financial services companies have integrated aspects of their IT infrastructure into the cloud, leveraging AI to enhance operational efficiency and gain vital data insights. This shift aims to improve marketplace integration, bolster security capabilities, and reduce IT complexity.

However, the integration of AI introduces complex challenges, including security risks such as deepfakes, AI-driven cyber-attacks, and data vulnerabilities. Ethical considerations, regulatory compliance, and data privacy concerns also demand urgent attention.

To explore these pressing issues, Jeff Watkins, Chief Technology Officer at CreateFuture, recently participated in a roundtable discussion hosted by Raconteur. The conversation brought together industry leaders to examine how financial services can harness AI responsibly while navigating associated risks. Watkins emphasised the importance of balancing innovation with compliance, highlighting the real threat of malicious AI misuse by hostile actors. He called for organisations to lead by example, developing ethical AI solutions that drive progress without compromising security.

Key themes from the discussion included the critical role of explainability in AI systems to build trust, the necessity for robust data governance frameworks to protect customer privacy, and the industry's collective responsibility to establish standards for ethical AI adoption. The roundtable underscored that collaboration across sectors is essential to ensure AI continues to benefit the financial services landscape while addressing its challenges head-on.

This article offers a preview of the thought-provoking themes explored during the roundtable. To delve deeper into the conversation and gain expert insights on the future of AI adoption in financial services, read the full article on Raconteur.