Thematic review of the use of AI in the financial sector
In February 2025, the Financial Supervisory Authority (FIN-FSA) conducted a thematic review with a survey on the use of artificial intelligence (AI) in the financial sector. The purpose of the thematic review was to examine the use of artificial intelligence (AI) by entities operating in the financial sector in Finland. The information collected will be used in preparing for market supervision duties under the EU Artificial Intelligence Act (“AI Act”, Regulation No 2024/1689) that will be imposed on the Financial Supervisory Authority (FIN-FSA).
This thematic review examined the extent, use cases, identified risks, benefits achieved and sought, and future plans of AI technologies currently used by entities supervised by the FIN-FSA. The survey was carried out with a risk-based sample.
The survey covered 22 insurance companies, 10 Finnish banks and 20 Finnish branches of foreign banks, 11 companies operating in the financial sector, 7 payment service providers and 13 consumer lenders.
Based on the responses, companies operating in the financial sector are highly interested in utilising AI in their operations. All large and medium-sized entities reported either already using or intending to start using AI solutions within the next two years. The banking and insurance sectors are the main users of AI in the financial sector. The most frequently used types of AI are generative AI technologies and general-purpose AI models. In the future, the use of AI will grow even further. At present, the majority of AI solutions are used in internal processes, and their use in the customer interface is likely to increase over the following years.
By using AI, the financial sector seeks, in particular, to develop internal processes, improve the customer experience and reduce costs. According to the responses, these objectives have already been partly achieved.
Other benefits sought, as mentioned in the responses, included focusing human work on more valuable, strategic, and inspiring tasks. Additionally, the effective utilisation of data should enable better decision-making and personalised customer experience.
According to the thematic review, companies identify many risks related to AI. The most significant among these are data quality, data protection and lack of AI expertise. Large entities employ more personnel to promote the use of AI as well as good policies and practices to minimise risks. Half of the respondents have an AI strategy, 63% have ethical AI standards and 82% have AI user rules.
High-risk AI systems under the AI Act have already been deployed in the financial sector. According to the responses, their development and deployment will increase in the near future. The respondents reported preparing for meeting regulatory requirements for example by establishing a governance model or policy that indicates prohibited practices and use cases. The companies also provide training to personnel on the use of AI. Some have specified their own risk assessment model for AI.
Based on the responses received by the FIN-FSA, it can be stated that companies operating in the financial sector seek to utilise AI to improve their operations. Large entities employ more personnel to promote the use of AI as well as good policies and practices to minimise risks and meet the requirements of the Regulation. Small and medium-sized enterprises have more room for improvement in their practices as the use of AI increases.
For further information please contact
- Jussi Terho, Head of Division, jussi.terho(at)fiva.fi
- Mia Talvasto, Senior Specialist, mia.talvasto(at)fiva.fi