The Bank of England and the Financial Conduct Authority survey regulated firms about AI and machine learning. Their third survey, published in November 2024, received 118 responses.
This page quotes 6 findings from one official record, all published in November 2024, by Bank of England and FCA. The most recent comes from Bank of England and FCA in November 2024 and covers types of ai. Every one of them carries the source's own note on how the figures were gathered, shown under the quote.
How many firms use AI
75%
of responding financial firms already using AI, 2024 (Bank of England and FCA) · see the record
Insurance and banking
95%
of responding insurers using AI, 2024 (Bank of England and FCA) · see the record
What firms use AI for
33%
of responding firms use AI for fraud detection (Bank of England and FCA) · see the record
Governance
84%
of responding firms have an accountable person for AI (Bank of England and FCA) · see the record
How many firms use AI
The Bank of England and FCA report that 75% of UK financial services firms responding to their 2024 survey were already using AI, up from 58% in their 2022 survey.
“Overall, 75% of firms that responded to the survey said they are already using AI with a further 10% planning to use AI over the next three years. This is an increase on the figures from our 2022 survey which showed that 58% of firms were using AI”
The Bank of England and FCA report that the insurance sector had the highest share of firms using AI in their 2024 survey, at 95%, closely followed by international banks at 94%.
“The insurance sector reported the highest percentage of firms currently using AI at 95%, closely followed by international banks at 94%.”
The source notes: The survey received 118 responses from firms regulated by the Bank of England and/or the FCA.
The Bank of England and FCA report that the most common use of AI among responding firms is optimisation of internal processes (41%), followed by cybersecurity (37%) and fraud detection (33%).
“The area with the highest percentage of respondents using AI is optimisation of internal processes (41% of respondents). This is followed by cybersecurity (37%) and fraud detection (33%).”
The source notes: The survey received 118 responses from firms regulated by the Bank of England and/or the FCA.
The Bank of England and FCA report that the highest perceived current benefits of AI among responding firms are in data and analytical insights, anti-money laundering and combating fraud, and cybersecurity.
“The highest perceived current benefits are in data and analytical insights, anti-money laundering (AML) and combating fraud, and cybersecurity”
The source notes: The survey received 118 responses from firms regulated by the Bank of England and/or the FCA.
The Bank of England and FCA report that 75% of UK financial services firms responding to their 2024 survey were already using AI, up from 58% in their 2022 survey. Survey of responding firms. See the record.
What do banks and insurers use AI for?
The Bank of England and FCA report that the most common use of AI among responding firms is optimisation of internal processes (41%), followed by cybersecurity (37%) and fraud detection (33%). The survey received 118 responses from firms regulated by the Bank of England and/or the FCA. See the record.
What we left out
We only publish results that an official source reports as having happened. We leave out forecasts, targets, estimates of what AI could or may do, announced investment that has not yet happened, and findings from bodies that are not on our official sources list. How we choose what to include.