Artificial intelligence (AI) in the financial sector can benefit consumers when governance and control frameworks incorporate consumer protection and well-being, with institutions retaining accountability for AI-driven consumer outcomes and the ecosystem supporting efforts to strengthen consumer AI literacy, a report revealed.
The recently released report discusses insights from the second Financial Industry Forum on Artificial Intelligence (FIFAI 2), a series of four workshops focusing on the risks and opportunities arising from AI adoption in the financial sector.
From May to November 2025, the Financial Consumer Agency of Canada (FCAC) and other federal financial regulators collaborated with the Global Risk Institute to present FIFAI 2.
Over 170 players in the financial ecosystem – including representatives from regulatory agencies, banks, insurance companies, consumer advocacy groups, research institutes, and universities – participated in the workshops.
FIFAI 2 introduced the AGILE framework, which stands for the following: awareness, guardrails, innovation, learning, and ecosystem resiliency.
“By embracing an AGILE framework, the industry can unlock growth while safeguarding stability and consumer well-being,” the report stated. “This is the Canadian financial sector's opportunity to lead in AI innovation and set a national standard for trust, security, and productivity.”
Report’s findings
According to the FCAC, the final report for FIFAI 2 aims to offer insights for the financial sector to use AI responsibly for the benefit of its consumers. The report covers issues concerning consumer financial well-being and protection, security, cybersecurity, financial crime, and financial stability.
The report highlighted the potential of AI and automation to improve efficiency, productivity, decision-making, growth, and competitiveness, thereby transforming financial services, operating models, and competitive dynamics worldwide.
However, the report stressed that principle-based governance for maintaining trust and resilience should accompany such innovations. The report emphasized AI’s potential risks and the systemic implications.
The report explained that AI may enable fraudsters and cybercriminals to move more swiftly than ever, with unprecedented scale and sophistication. The report noted that institutions can, in turn, utilize AI to fortify their defences and manage risks.
Those interested can access the final report on the website of the Office of the Superintendent of Financial Institutions (OSFI).
“AI is a transformative force–both awe-inspiring and potentially perilous…Its true impact will hinge on disciplined, responsible innovation & robust collaboration across borders and sectors,” said Peter Routledge, OSFI superintendent, in the report.