Council Post: The Five Pitfalls Of Adopting AI In Financial Services And How To Avoid Them

Suresh is a Data and AI Engineering lead for the financial services industry at Microsoft and a senior member of IEEE Computer Society. The financial services industry (FSI) is increasingly adopting artificial intelligence (AI) in recent years. The results of a recent survey by the Economist Intelligence Unit show that 85% of the respondents (banking IT leaders) have a "clear strategy" for using AI in product and service development. This is also evident in recent hiring trends in banks for AI-related jobs. It's great to see AI adoption at this scale, but this also makes it crucial for FSI leaders to watch for and avoid some of the following leading pitfalls in AI initiatives.