Tackling the AI maze: finance’s complexities and risks unraveled.

January 11, 2024
1 min read

A recent survey of global CEOs conducted by EY reveals that while executives are investing in AI strategies, they face challenges in both formulating and operationalizing these plans due to uncertainties and the rise in firms claiming AI expertise.

AI-enhanced synthetic identity fraud is a growing problem in the financial sector, with many companies believing their prevention measures to be only somewhat effective. This poses financial losses, reputational harm, and competitive disadvantage, highlighting the need for a multilayered approach to combat AI-generated synthetic identity fraud.

KPMG International’s CEO Outlook shows that only 56% of Canadian executives feel prepared for a cyberattack, with 93% expressing concern about generative AI amplifying breach vulnerabilities.

Perceptions of AI in financial planning vary among investors by generation. Older investors are more satisfied with financial planning advice from a generative AI tool, while younger investors are more comfortable implementing AI recommendations when verified by financial planners.

A CNBC survey indicates that most Americans have not used AI tools for financial advice and are not keen on using them, with only 37% expressing interest. Similarly, a CFP Board survey found that 51% have little trust in AI financial advice.

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