Responsible AI Standards Key to ROI For Finance Leaders, FICO Survey Finds

Financial services leaders are increasingly viewing responsible AI standards as a more significant driver of return on investment (ROI) than generative AI initiatives, according to new research from FICO and Corinium Global Intelligence.

The ‘State of Responsible AI in Financial Services: Unlocking Business Value at Scale study surveyed more than 250 C-suite executives. It found that 56 per cent of chief analytics officers and chief AI officers identify responsible AI standards as a leading contributor to ROI. In comparison, 40 per cent cited generative AI as a primary driver.

The findings suggest that as institutions move past initial experimentation with new AI models, the focus is shifting towards governance and operational standards as a measure of competitive differentiation.

Alignment and collaboration gaps identified

Despite the focus on ROI, the survey also highlighted a significant disconnect between technology initiatives and business objectives within financial institutions. According to the report, many believe hat their current AI initiatives are misaligned with broader business goals.

Only five per cent of CAOs and CAIOs surveyed report full alignment across AI investments, development efforts, infrastructure, and end-user strategy business goals

The research also pointed to potential solutions for improving performance. More than three-quarters (75 per cent) of the leaders surveyed believe that enhancing collaboration between business and IT departments, coupled with the use of unified AI platforms, could boost ROI by 50 per cent or more.

“Responsible AI extends beyond risk mitigation—it’s a business imperative. Over half of CAOs and CAIOs believe that implementing Responsible AI standards will significantly impact ROI,” said Dr. Scott Zoldi, chief analytics officer at FICO.

“Meanwhile, human-AI collaboration is key, with 44 per cent of surveyed leaders identifying it as an exciting area for future development. To ensure accountability and reduce AI hallucinations, organisations must clearly define the boundaries and interactions between human oversight and AI capabilities.”

The post Responsible AI Standards Key to ROI For Finance Leaders, FICO Survey Finds appeared first on The Fintech Times.

Read More