The Dubai Financial Services Authority published a Global Financial Innovation Network (GFIN) report, co-led with the UK Financial Conduct Authority, that consolidates global insights on how consumer-facing artificial intelligence (AI) and machine learning are being deployed in financial services and the main opportunities and risks for consumers, firms and markets. The publication is intended to support knowledge sharing and does not constitute regulatory guidance. Based on international roundtables and discussions held through 2024 with more than 40 regulators, industry stakeholders and financial innovators across multiple jurisdictions, the report focuses on robo-advice, personalised finance (including AI-enabled open finance models) and AI-driven consumer education and information. It highlights recurring supervisory considerations including transparency and explainability of automated decisions, suitability and disclosure in robo-advice, governance and accountability (including the role of human oversight), data privacy, bias, cybersecurity, and novel generative AI risks such as hallucinations, alongside concerns about “AI washing”. The report also notes potential consumer benefits, including improved accessibility and financial inclusion for unbanked and underbanked groups. The project sets out possible areas for continued cross-border work, including exploring the feasibility of a global AI sandbox and enhanced information-sharing frameworks among regulators, and a suggestion to consider a formalised GFIN AI working group as part of next steps.

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