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DRAFT REPORT (2025/2056(INI))

On impact of artificial intelligence on the financial sector

ECON-PR-773328

Committee on Economic and Monetary Affairs · Rapporteur: Arba Kokalari

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✦ In short · AI summary of this text, generated 4 Sept 2026

Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

This draft report examines AI use in EU financial services and the regulatory landscape. It notes prudent adoption, mainly for back-office tasks, and calls for clarity and guidance on existing rules rather than new sectoral legislation. It warns against regulatory overlaps and overly strict supervision, urging supervisors to support AI uptake and prioritise tangible risks. It also highlights skills and AI literacy needs.

Committee position. The rapporteur proposes a resolution that notes prudent AI adoption, calls for regulatory clarity and guidance, and advises against new sectoral AI legislation, urging supervisors to support AI uptake.

Key points

  1. Notes broad AI adoption in EU financial services, mostly for streamlining back-office processes, with few customer-facing or high-risk uses.
  2. Highlights societal benefits of AI in finance, including fraud detection, anti-money laundering, customer support, and market surveillance.
  3. Identifies main risks from data quality, governance, bias, cybersecurity, and explainability.
  4. Notes financial institutions' prudent, gradual AI approach and dependency on third-country tech providers, raising concentration risks.
  5. Expresses concern about regulatory overlaps and legal uncertainties between the AI Act and sectoral legislation, and about lack of guidance.
  6. Concerned that GDPR data minimisation and consent requirements limit AI use in financial services.
  7. Regrets EU lag in AI innovation and investment; sees financial sector as catalyst for private investment.
  8. Calls on the Commission to clarify how existing financial services regulations apply to AI, with consistent definitions and simplified rules.
  9. Warns against new sectoral AI legislation, advising coordination to avoid gold-plating and cross-border barriers.
  10. Calls on supervisory authorities to support AI uptake with consistent interpretations and focus on tangible risks.
  11. Supports industry measures for AI skills and literacy, asking for clarity on AI Act literacy requirements.

Who is affected

  • Financial institutions (banks, insurers, asset managers) in the EU: benefit from guidance and supervisory support, but face compliance with existing rules.
  • EU and national supervisory authorities: called to promote consistent interpretations and avoid overly strict application.
  • European Commission: asked to provide clarity and guidance on applying existing regulations to AI in finance.