The Swiss Financial Market Supervisory Authority FINMA has conducted a survey of around 400 Swiss financial institutions on their use of artificial intelligence (AI). Whether in the form of chatbots such as ChatGPT, for process optimisation or text generation: around half of the institutions surveyed use AI in their day-to-day work.
Between the end of November 2024 and mid-January 2025, FINMA surveyed around 400 licensed banks and securities firms, insurance companies and insurance intermediaries, fund management companies, managers of collective assets and financial market infrastructures on their use of AI. The survey results show that Swiss financial institutions are increasingly relying on AI.
Half of those surveyed use AI
Around 50% of the institutions surveyed by FINMA use AI or have initial applications in development. A further 25% intend to use it in the next three years. On average, the respondents have around five applications in use and nine in development. Larger companies tend to use more applications than smaller ones. 91% of respondents who use AI also use generative AI such as newer chatbots. Dependence on BigTech providers is therefore increasing. Most institutions do not rely solely on their own developments, but also use external service providers. Smaller institutions often rely exclusively on externally developed applications. FINMA draws attention to outsourcing risks in its 2024 Risk Monitor. Outsourcing of critical functions to third-party providers remains a key source of operational risk in the financial sector.
AI governance and strategy
Around 50% of institutions have incorporated the use of AI into an explicit AI strategy. When applying existing governance frameworks, many focus on data protection, IT and cyber security, data management and enterprise risk management. As far as the risks of AI are concerned, the issues of data quality, data protection and explainability have the highest priority. In addition, increased attention is being paid to data security risks, a lack of correctness and risks in outsourcing.
Number of applications across all respondents. Of the 187 authorised institutions using AI, 75 insurance companies and insurance intermediaries fall into the “Insurance” category, 100 banks and securities firms into the “Banks” category and 12 fund management companies, managers of collective assets and financial market infrastructures into the “Other institutions” category.
Technology-neutral supervision: same business, same risks, same rules
In accordance with its focus areas for implementing the strategic goals (2025-2028), FINMA will ensure that the use of new and innovative technologies on the Swiss financial market is in line with the regulatory framework through transparent and technology-neutral authorisation and supervisory activities. In doing so, FINMA will follow the principle of “same business, same risks, same rules”. The objective of the survey was to track the development of the use along with the governance and risk management of AI in order to ensure a risk-based supervisory approach.
In its Guidance 08/2024, FINMA shared its supervisory observations regarding governance and risk management when using artificial intelligence. With a view to the future, FINMA recommends that the authorised institutions contact FINMA in good time if they are planning to use AI in critical processes or to calculate regulatory parameters.
