The Autorité des Marchés Financiers (AMF) in France says the adoption of artificial intelligence (AI) is rather high.
In a recent survey conducted by the AMF, 90% of respondents reported using AI or planning to do so in the near future.
- Generative AI is the most widely used technology. 54% of respondents, many of whom are large firms, report that use cases are already in production. A wide majority of those surveyed expect AI investment to increase over the next two years.
- Use cases indicate that AI is primarily used for internal purposes (83% of 106 reported instances), focusing on enhancing productivity through internal assistant tools, improving data extraction, analysis, or monitoring, summarising information, or generating content, such as drafting regulatory documents.
- Client-facing uses currently constitute the minority of use cases: overall, 17% of these serve to improve client interaction or communication processes. Only 1% involved in the use of tools for the provision of investment services;
- Most uses of AI rely on off-the-shelf solutions supplied by specialist service providers. In this respect, the AMF notes heavy reliance on a limited number of non-European providers.
- Among the main perceived benefits, AI is seen as a major lever for reducing costs and improving internal processes, in addition to its ability to analyse large volumes of data.
- Among the identified risks, governance and data protection issues are of primary concern, followed by concerns about overreliance on the technology in the absence of adequate human supervision. As a result, 72% of the entities surveyed reported having developed AI governance policies.
Marie-Anne Barbat-Layani, Chair of the Autorité des Marchés Financiers, says the rise of AI within financial services means they will adapt the regulatory framework to “guarantee investor protection and manage associated risks.” They will also work to support AI development.