How many financial institutions effectively use AI to prevent fraud?

You may have read previously on this blog that Brighterion collaborated with PYMNTS.com to analyze how AI and ML are being used by financial institutions (FIs) across the U.S. We surveyed 200 financial executives from banks and credit unions with assets ranging from $1 billion to over $100 billion to get a feel for the industry as a whole. In a series of reports, we've presented analysis of the 12,000 collected data points. The top four use cases for learning systems were supporting banking services (79.1 percent), enhancing payments services (53.7 percent), customer life cycle management (46.2 percent) and credit underwriting (42.5). Banks also reported using machine learning for compliance and regulation, preventing internal fraud, merchant services, collections and supplier onboarding. These findings also revealed a gap: financial institutions aren't accessing true AI with these tools.