Report by StarCompliance
AI & Compliance Market Study
Key Findings
Over 60% of financial services firms anticipate using more sophisticated AI tools by 2030.
Only 9% of financial services firms have adopted more advanced "automated regulatory intelligence" platforms.
71% of financial services firms noted data protection concerns are driven by the volume of sensitive data required to support AI models.
47% of financial services firms take a "learn as I go" approach to AI education.
65% of financial services firms cite data protection as the primary barrier to AI adoption.
50% of financial services firms don't factor AI capabilities into vendor evaluations
51% of financial services firms block open-access AI tools entirely.
52% of financial services firms report using preliminary AI tools for tasks such as information retrieval and data enrichment.
70%+ of financial services firms have formal AI usage policies.
43% of financial services firms are concerned about bias in AI-generated outputs.
Closed-source AI (e.g., Gemini) is more popular (41%) than open-source (e.g., ChatGPT at 32%) with financial services firms.