“This report explores the five key areas of concern raised over hundreds of research interviews with financial services leaders and regulators conducted over the past two years. Specifically: Explainability Systemic risk Bias and fairness Fiduciary duty Algorithmic collusion” https://www.weforum.org/reports/navigating-uncharted-waters-a-roadmap-to-responsible-innovation-with-ai-in-financial-services
Tag: ai Banking
Traditional banks face up up-hill struggle with business customers
“Just recently Tide, a mobile-first financial services company, announced that over 100,000 customers have signed up for their app-based business accounts. AI has emerged as one of the buzzwords of this decade. Therefore, customers want the technology to be harnessed to help identify what their needs and wants might be. Using AI, banks can produce…
Building a Culture That Embraces Data and AI
“TD Wealth, the wealth management unit of Toronto-based TD Bank Group, is one organization that isn’t content to think wishfully about this sort of cultural change. It created a program called WealthACT—for “Accelerate Change through Technology” It wasn’t just “industrial tourism;” participants had various assignments throughout the five-month program and even participated in a hackathon…
Unleashing AI’s Potential in Financial Services
“Despite concerns around the data privacy, a study by Accenture found that 60% of consumers would be willing to share personal data, such as location data and lifestyle information, with financial service providers if it resulted in lower pricing on products, or delivered other benefits, such as faster turnaround on loan approvals.” https://thefintechtimes.com/ais-potential/
Bank of America revamps mobile app with new AI features
“Bank of America redesigned its mobile app to improve navigation for its 29 million mobile banking customers. Erica, its virtual voice assistant that has about 9 million users, per an announcement. The bank reported a 76% surge to $20.8 billion in payments through Zelle Mobile activity made up 52% of its digital consumer sales, demonstrating…