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Adoption of responsible artificial intelligence (AI) measures in financial services worldwide in 2024, by dimension

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Sources

In cooperation with
Release date

April 2024

Region

Worldwide

Survey time period

2024

Supplementary notes

The figures in parentheses resemble the global mean of the number of AI measures fully implemented within the industry.

The source defined the dimensions of responsible AI as follows:

  • Data Governance: Policies and standards ensuring data quality, security, and ethical use for responsible AI operations, especially with sensitive information.
  • Transparency: Open disclosure of development choices, data sources, algorithmic decisions, and system deployment practices.
  • Reliability: The consistency and accuracy of AI outputs, with mitigations for issues like hallucinations or errors through confidence thresholds and comprehensive testing across scenarios.
  • Security and Safety: Protecting AI systems against threats, minimizing misuse risks, and addressing reliability concerns and potential dangers.
  • Fairness: Creating equitable algorithms that avoid bias and discrimination while considering diverse stakeholder needs. 

The survey methodology listed five to six possible measures for each of the five AI ethics categories: data governance (6), transparency (5), reliability (6), security (6), and fairness (5).

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Adoption of responsible AI measures in financial services worldwide 2024

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Statistics on " Artificial intelligence (AI) in finance "

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