FIN-FSA thematic review: financial sector organisations use AI in internal processes, utilisation in the customer interface increases

Finnish financial sector companies seek to utilise AI to improve their operations. All large and medium-sized entities that responded to the survey sent by the Financial Supervision Authority in February reported either already using or intending to start using AI in the next two years. AI is utilised the most in the banking and insurance sectors. Among small entities, for example, some consumer lenders reported neither using nor planning to use AI solutions in the near future.

According to the review, financial sector entities use AI in particular to develop their internal processes, enhance the customer experience and reduce costs. Their use in the customer interface will increase somewhat over the next few years. 

-    In the long term, the companies expressed a desire to focus human work on tasks that generate greater value and are strategic and inspiring, as well as to improve decision making. As a supervisor, we are vigilant and engage in AI development, both in our own operations and in focusing our supervision, says Director General Tero Kurenmaa.

Based on the responses to the thematic review, companies use AI in translation, information search and summarising, generation of textual content, software coding, systems development and gaining customer insight. Among large companies, the most popular use cases also included marketing and sales.

At the time of responding, the most frequently used AI technologies were generative and general-purpose AI models. Rule-based systems and algorithms (68%) and machine learning were also being used widely. Based on the responses, the use of all technologies will increase in the future.

Data quality, data security and lack of AI expertise as risks

According to the thematic review, companies identify many risks related to AI. The most significant ones were data quality, data protection and lack of AI expertise. Additionally, the respondents mentioned risks related to third-party management and inadequate agreements, copyright and IPR risks as well as emissions and environmental risks related to the production of AI services and infrastructure. 

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.

-    AI is a good tool in the hands of responsible operators. It provides significant benefits to its users, but it is very important to identify and manage related risks. It is imperative that companies devise AI strategies as well as ethical standards and comply with them to ensure that AI solutions are safe, fair and responsible. Only by doing so, general confidence in the operation of the financial markets can be ensured. The EU’s AI Act, for its part, spurs both us and the entire financial sector, states Head of Department Samu Kurri.

The purpose of the AI Act is to create a uniform and clear legal framework according to which AI systems can be developed, placed on the market, put into service and used in the EU. Furthermore, the AI Act seeks to ensure that AI systems introduced and deployed in the EU do not endanger human health, safety or fundamental rights. The AI Act entered into force on 1 August 2024, and its application has begun in phases. Authorities’ supervision and sanction powers will take effect on 2 August 2025.

The FIN-FSA conducted a thematic review to examine the extent of use, use cases, identified risks, achieved and expected benefits, as well as future plans related to AI technologies in the financial sector. The respondents consisted of 83 financial sector companies. 

For further information, please contact

Jussi Terho, Head of Division. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 50 385 5030 (weekdays 9.00–16.00).

Links

Supervision release 27 June 2025: Thematic review of the use of AI in the financial sector