- “Arguably, no large financial institution can afford not to integrate AI into its business, but care should be taken to establish audit trails and make the parameters of AI deployment transparent and available for scrutiny.
In broad terms, the use of AI in financial institutions can be categorised into four groups.
- The first is in customer interactions and compliance
- The second is in the context of financial systems and processes, such as payments[i] and treasury services
- The third use is for the enhancement of financial products and the financial institution’s business model
- The forth use case is to assist with regulatory reporting or change, including stress testing, ring-fencing”