Our AI adoption index shows that banking is the most advanced sector when it comes to implementing AI and ML technologies. The key use cases are fraud detection and cyber security, areas where AI can quickly detect patterns and prevent fraudulent activity.

Unfortunately, it is also a tool available to fraudsters – an AI arms race is underway as banking firms seek to stay one step ahead. As a result, it is critical that banks consider the risk and control environment within which they will deploy AI solutions, to ensure adequate protections are in place to mitigate these risks.