Although it may seem that artificial intelligence (AI) is being deployed and embedded across the entire economy, uptake by financial services firms has been modest. “While most firms have begun to engage with AI, relatively few have translated that engagement into structured, scalable deployment,” according to an ACA Group report (Report). Most firms in the study are using AI to some extent, more often in compliance workflows than in operations. This article synthesizes the key findings from the Report and the insights from a related presentation by ACA Group on agentic AI, AI-related risks and developing robust AI governance. See our two-part series “Safeguarding Proprietary Fund Data and Intellectual Property When Using Generative AI”: Part One (Oct. 19, 2023); and Part Two (Nov. 2, 2023).