“Financial regulators have yet to publish a comprehensive set of artificial intelligence (AI)-related rules, as most of the efforts have focused so far on guidelines and principles for financial institutions to make good use of AI. However, senior banking regulator officials warned on Friday (June 3) that existing regulation could also apply to AI. ‘If…
Tag: ai regulation
Unleashing the power of machine learning models in banking through explainable artificial intelligence (XAI)
“The emerging field of explainable AI (or XAI) can help banks navigate issues of transparency and trust, and provide greater clarity on their AI governance. XAI aims to make AI models more explainable, intuitive, and understandable to human users without sacrificing performance or prediction accuracy. Explainability is also becoming a more pressing concern for banking…
Why financial services organisations must be ready for increased AI-based customer service and resulting regulations
“Automation and AI-based technology is playing an ever-increasing role at each stage of a customer service journey, from chatbots to customer data analysis. Yet delivering optimum customer service through the likes of AI comes with new and expanding security regulations Indeed, the likes of online chatbots empowered through automated or AI-based Q&As, have become the…
Facebook AI guru says regulate its use, not the tech
“’I am generally in favour of regulating a particular application rather than a technology’ in general, Yann LeCun, said in an interview. ‘We could possibly also develop robots that are somewhat intelligent and autonomous: machines that we give a task to but don’t explain how to do it,’ LeCun said.” https://www.google.com/amp/s/sg.style.yahoo.com/amphtml/facebook-ai-guru-says-regulate-161515005.html
US regulators are seeking info on AI in banking, and that could be good news for banks
– “A group of US banking regulators—including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Consumer Financial Protection Bureau (CFPB), among others—has issued a statement that they’re seeking public input on the rising usage of AI by financial institutions (FIs), Reuters reports. – US banking regulators, including the Fed and Federal Deposit…