More and more financial institutions are embracing AI

JPMorgan may have restricted employee use of ChatGPT, but the broader financial services sector can't escape the AI buzz. A new survey from FICO and Corinium solicited responses from C-level AI and data leaders at 100 major banking and financial services institutions in the US and Canada, finding overall that demand for AI tools and processes seems to have accelerated faster than the implementation of responsible AI initiatives. Half of those surveyed said that demand for AI products is higher than last year, while 71% said AI ethics and responsible AI isn't a core part of the operational strategies at their organizations. Just 8% of leaders said their AI strategy was "fully mature, with model development standards consistently scaled across their organizations." "From a financial services perspective, that was surprising," Scott Zoldi, FICO's chief analytics officer, told us.