Understanding Artificial Intelligence in Financial Services

The FMA's recent whitepaper, Understanding Artificial Intelligence in Financial Services, explores the current and future use of AI in New Zealand’s financial sector, including insurance.

Drawing on responses from 13 finance representatives, it reveals that AI is already being used to enhance customer outcomes, improve operational efficiency, and strengthen fraud detection. Many organisations are seeing benefits from AI, with more expected to within the next 12 months

The report also highlights the sector’s cautious approach to AI adoption. It discusses emerging risks such as data privacy, algorithmic bias, and cybersecurity, and underscores the importance of robust governance and risk management. For detailed insights and recommendations, read the full whitepaper below.

Download the FMA's report