1、Make Trust a Must:How AI Ethics and Governance is Heralding a New Era for Financial Services2How AI Ethics and Governance is Heralding a New Era for Financial ServicesIn our check-ins with financial services companies,the responsible use of AI emerged as a key opportunity to drive value.1 However,it

2、 will require trust-enhancing capabilities in AI ethics and governance.financial services companies want clearer AI ethics and governance standards3 in 4Trust needs to be the bedrock of AI in financial services.An overwhelming of companies demand that AI solutions be trustworthy93%1 In March 2021,Te

3、masek conducted check-ins with 39 decision makers from banks and insurance companies in the US,Europe,Singapore and Hong Kong.The check-ins were conducted on an anonymous basis and comprised 25 questions,with a strong focus on AI adoption and governance within financial services.3To boost the truste

4、d use of AI,financial services companies are relying on mechanisms such as:1.There is an additional worth of annual value to be unlocked,if global financial services companies can roll out AI solutions ethically and responsiblyToday,practically all of the financial services companies use AI in their

5、 processes in some way.But differences exist in the extent of AI deployed across companies.are leaders who are truly using AI in the majority of their processes13%While numerous AI ethics and governance guidelines exist,onlyof organisations are familiar with those guidelines,pointing towards clear h

6、eadroom for advancements.50%INTERNAL INDEPENDENT AI RISK AND COMPLIANCE FUNCTION2.AI GOVERNANCE SOFTWARE SOLUTIONS3.AI GOVERNANCE TRAINING OR CERTIFICATION PROGRAMMES4.AI ETHICS COMMITTEESUS$2 TRILLION22 See Banking and Insurance,“Potential Total Annual Value of AI and Analytics Across Industries,”M