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ARTICLE · 09 JANUARY 2025

Treasury Highlights AI's Potential And Risks In Financial Services

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On December 19, the U.S. Department of Treasury released a report summarizing key findings from its 2024 Request for Information (RFI) on the uses...

United StatesTechnology
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
Maxwell Earp-Thomas
Maxwell Earp-Thomas
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On December 19, the U.S. Department of Treasury released a report summarizing key findings from its 2024 Request for Information (RFI) on the uses, opportunities, and risks of Artificial Intelligence (AI) in financial services. The report notes the increasing prevalence of AI, including generative AI, and explores the opportunities and challenges associated with its use.

Expanding Opportunities for AI Integration

The Treasury report highlights the transformative role of AI, particularly emerging generative AI technologies, in financial services. Financial institutions are increasingly leveraging AI for tasks such as credit underwriting, fraud detection, customer service, and regulatory compliance. For example, financial firms are using AI to analyze alternative data—such as rent and utility payments—to expand credit access for underserved communities. Generative AI models, which can process unstructured data like customer communications, are also enhancing

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