Bankers embrace new guidelines for ethical AI

  • “‘We are still in early stages,’ said Malcolm Griggs, the chief risk officer of Citizens Financial in Providence, R.I. ‘The work we have done on machine learning, data science and automated processes as tools to help customers and streamline decisions is tested to guard against unconscious bias that would result in unfair treatment or inappropriate use of data.’
  • Tony Cyriac, BMO Financial Group’s chief data and analytics officer, said BMO ‘is working towards accelerated business outcomes using AI while preserving the trust with our customers and internal stakeholders with our Trustworthy AI initiative,’
  • U.S. Bancorp in Minneapolis is currently using AI in numerous applications including fraud detection, customer service improvements, directing calls to the best person, process automation and forecasting, according to Tanushree Luke, senior vice president and head of artificial intelligence in the bank’s chief digital office. In the future it expects to expand its use of AI in customer services, cybersecurity and explainability, he said.”

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