Vixio Releases 2024 Artificial Intelligence Outlook

Based on Vixio analysis of recent regulatory events and market data, this report provides high-level intelligence on the global regulatory changes affecting AI

Vixio, a leading provider of regulatory intelligence solutions, has released the 2024 Artificial Intelligence (AI) Outlook report, covering global trends in AI regulation and adoption in the payments and gambling industries.

AI regulatory developments have popped up across the globe in the last year, with Western Europe leading the way with the most updates. According to the Vixio AI Outlook report, the UK and EU have released over 40 updates in AI regulation since 2023.

Specific jurisdictions that have taken notable steps to regulate the use of AI include Canada, the EU, Hong Kong, Spain, and the UK. Several jurisdictions have regulatory developments in progress, including Argentina, Australia, Brazil, Chile, Colombia, France, Luxembourg, Malta, South Africa and Uruguay. In contrast, other jurisdictions, such as the US, have released guidance and best practices.

“Right now, regulators are in a nascent stage surrounding AI regulation. However, as businesses increasingly explore the adoption of AI, regulators will follow suit,” explains John Gidla, Head of PaymentsCompliance at Vixio. “But, at this stage, governments and regulators are watching the development of AI and looking to better understand potential opportunities and threats, and trying to balance the fine line between consumer protection and innovation.” 

In the payments industry, regulators are observing how AI is being used by payments and banking institutions. The full report includes case studies of AI implementation in FinTechs like Revolut, Mastercard, Visa and more. Some of the opportunities surrounding AI in the payments industry include:

• allowing quicker fraud detection by analysing transaction patterns to detect unusual behavior in real time
• predicting future behavior, allowing for highly target marketing campaigns
• detecting cyber threats and weaknesses that could lead to a cyberattack

In the gambling industry, the top use cases of AI for regulators is reducing workload in areas such as annual audits of licenses. For gambling operators and suppliers, top use cases include:

• improving personalization by analysing a player’s history
• identifying risky behaviours, allowing operators to encourage responsible gambling
• automating early intervention messages to customers exhibiting potentially harmful behaviour

This report is part of Vixio’s Outlook series, which provides subscribers with forward-looking insights and consolidated research on key segments of the global gambling and payments industries. This edition is designed to provide high-level intelligence and forecasts surrounding the use, development and regulatory changes affecting artificial intelligence (AI), with a focus on the payments and gambling markets.