­­AI in finance

The financial sector has long been driven by innovation, and artificial intelligence presents new opportunities to transform the industry. With advanced technologies at their disposal, companies aim to reinvent workflows and enhance productivity. This article is part of the new ARISA series exploring how Artificial Intelligence is shaping different sectors. In this piece, we offer key trends in finance such as benefits, possible risks of AI, and solutions on the EU-level.

Who are the users

The World Economic Forum’s 2024 survey, conducted across 13 economies shows that millennials and Gen Z represent a significant number of early adopters of AI to help manage their investments. Data show that 44% investors from developed countries learned to use AI in investments by simply doing it. 32% were introduced to it by friends, family or colleagues. Only 15% reported external education courses and 29% used educational resources from financial institutions. There is a significant difference in the use of AI between growing economies and developed countries. Interestingly, only 22% of French investors would allow an AI assistant to manage their investments, compared to 58% of investors from India.

The potential of AI in finance

According to the survey, in individual market participation, there is a growing need for AI assistants regarding financial advisory. The potential AI applications include process automation (focus on strategy, risk management, compliance), personalised financial plans, custom portfolios, education, market analysis, enhanced decision-making, and client services support.

Possible risks

Another source points out that AI can be helpful for financial guidance, but it depends on asking the right questions and providing complete information — missing key details can lead to inaccurate answers. Additionally, AI lacks the human experience and emotional reassurance people often seek before making important financial decisions.

According to scholars, AI in finance raises major concerns about data security and algorithmic bias. Large volumes of sensitive data make systems vulnerable to cyberattacks, requiring strong cybersecurity and compliance with global laws. Moreover, bias in AI algorithms, especially in credit scoring and fraud detection, can worsen inequalities, harming underserved groups. Ensuring fairness and inclusivity is vital to avoid discrimination and promote equitable financial services.

The EU’s role

Experts claim that to comply with the EU AI Act, financial institutions must enhance governance structures, align operational processes, and embed AI oversight across the organisation. As major adopters of AI, they are required to assess the social and individual impacts of AI systems and ensure robust data governance that protects transparency, security, and user rights.

Key compliance steps include:

• Building an AI system inventory
• Classifying systems by risk level
• Implementing risk management for high-risk AI
• Ensuring strong cybersecurity
• Maintaining human oversight
• Fulfilling all transparency and accountability obligations.

A clear message on job roles

The Financial Times article emphasises that on one hand, concerns about job losses due to AI persist. On the other hand, AI in finance is more likely to augment human roles rather than replace them. Financial institutions are expected to create new roles such as prompt engineers, AI trainers, transaction monitors, cybersecurity specialists, and ethicists. These experts will help integrate generative AI into daily operations, train staff, and boost overall productivity. It also points out that support and help desk roles face the highest risk, but this presents an opportunity for these workers to upskill and move into more specialised positions.

Boosting AI skills across sectors

While the financial sector is one example of how AI is transforming the world of work, the need for digital and AI-related skills extends far beyond it. The ARISA project equips organisations and individuals across different sectors with the skills needed to adopt AI in a responsible, inclusive, and sustainable way—supporting Europe’s wider transition to an AI-ready workforce. 

Sources:

Contino, G. (2025, July 24). I asked AI and my financial planner the same questions. Here’s how they stacked up. MarketWatch

European Parliament & Council. (2024, June 13). Regulation (EU) 2024/1689 of the European Parliament and of the Council laying down harmonised rules on artificial intelligence and amending Regulations (EC) No 300/2008, (EU) No 167/2013, (EU) No 168/2013, (EU) 2018/858, (EU) 2018/1139 and (EU) 2019/2144 and Directives 2014/90/EU, (EU) 2016/797 and (EU) 2020/1828 (Artificial Intelligence Act), Official Journal of the European Union, L 689, x‑xx. https://eur-lex.europa.eu/eli/reg/2024/1689/oj/eng

Forvis Mazars. (2024, June 25). Artificial intelligence in the EU financial sector – balancing regulation and innovation. Forvis Mazars Financial Services website

Venkataramakrishnan, S. (2024, March 26). Financial services counting on AI for a productivity boost. Financial Times. https://www.ft.com/content/9ffe888e-2f78-4f59-9536-2e31f5bde8b7

Vuković, D.B., Dekpo-Adza, S. & Matović, S. AI integration in financial services: a systematic review of trends and regulatory challenges. Humanit Soc Sci Commun 12, 562 (2025). https://doi.org/10.1057/s41599-025-04850-8

World Economic Forum. (2025, March). 2024 Global Retail Investor Outlook 2025 (Insight Report). In collaboration with Boston Consulting Group and Robinhood Markets. https://reports.weforum.org/docs/WEF_2024_Global_Retail_Investor_Outlook_2025.pdf