Financial services firms are investing heavily in AI, but most projects stall in the experimentation phase. Yet with the right data foundations and risk controls, firms can scale AI safely to unlock huge gains and secure a long-term competitive advantage

The race to embrace AI is showing no signs of slowing. Financial services firms’ investment in AI is expected to almost triple to $97bn in 2027 from $35bn in 2023, according to a World Economic Forum report. Yet most AI initiatives so far have remained trapped in experimentation mode. According to Deloitte, 72% of firms say fewer than 30% of GenAI experiments reach production, meaning most stall at the experimentation stage.