A survey conducted by EY reveals that 67% of financial services firms in Europe are using artificial intelligence (AI) to improve operations and support decision-making. The findings are part of the EY European Financial Services AI Survey, which explores how AI is being deployed to address challenges and drive innovation in the sector.
According to the survey, 85% of respondents said that AI is central to the success of their digital transformation strategies. The survey also found that 42% of firms are focusing on AI investments in fraud detection, while 38% are directing efforts towards improving customer service with AI-driven tools.
Despite the progress, the survey highlighted key challenges to broader AI adoption. Forty-eight per cent of respondents identified regulatory barriers as a significant issue, and 36% pointed to difficulties in recruiting skilled professionals to implement AI initiatives. EY noted that addressing these challenges will be critical for firms aiming to maximise the potential of AI.
“AI is no longer a ‘nice-to-have’—it is a critical component of how financial services firms are transforming and adapting to the future,” said Charles Bowman, EY’s Financial Services Leader for Europe. Bowman added that companies must balance innovation with regulatory compliance to build trust in AI-powered systems.
The report also stresses the importance of ethical practices and governance frameworks to ensure the responsible use of AI. EY encouraged collaboration within the industry to tackle shared obstacles and realise the full benefits of this technology.
