Treasury Releases Report on the Uses, Opportunities, and Risks of Artificial Intelligence in Financial Services

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury) released a report following the issuance of its 2024 Request for Information (RFI) on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in Financial Services, which summarizes key themes from respondent feedback and recommends several next steps. The report highlights increasing AI use throughout the financial sector and underscores the potential for AI – including Generative AI – to broaden opportunities while amplifying certain risks, such as risks related to data privacy, bias, and third-party providers. The report builds on Treasury’s work on AI-related cybersecurity risks in the financial sector, including its March 2024 report.“Through this AI RFI, Treasury continues to engage with stakeholders to deepen its understanding of current uses, opportunities, and associated risks of AI in the financial sector,” said Under Secretary for Domestic Finance Nellie Liang.