Banks must be able to explain AI models – Brainard

Lael Brainard

“Banks must find ways around the ‘black box’ problem that affects many artificial intelligence-driven models, the Federal Reserve’s Lael Brainard says. The Fed governor told a virtual conference hosted by the central bank that supervisors would expect financial firms to be able to explain how their models are reaching certain results. Without this, it would be impossible to tell if a model was producing biased results, she said.”

https://www.centralbanking.com/central-banks/financial-stability/micro-prudential/7732626/banks-must-be-able-to-explain-ai-models-brainard

On-the-go banking made easier as digital banking evolves

  • “Yes Bank provides AI banking, chat-based robots, SMS Pay, etc., bringing banking to the fingertips of people.
  • For instance, you can view financial transactions, order cheque book, report unauthorised transactions, connect with contact centre, donate, locate nearby ATMs and branches, and much more through a WhatsApp message. The bank, under its Yes Online platform, launched the AI-enabled YES Robot to address all the queries within no time.”

https://www.google.com/amp/s/www.moneycontrol.com/news/trends/features-2/on-the-go-banking-made-easier-as-digital-banking-evolves-6385961.html/amp


Yes Bank – https://www.yesbank.in

Banks need to strike the right balance for digital transformation

“For many financial institutions, this has been a wake-up call,” says Fei. “In the past, many had thought that if they have an online portal and a mobile application then that’s enough. But now they’ve realized it’s not. Some banks have online portals and mobile apps where you can apply for loans, but they still need to send items to the customer and carry out on-site inspection before they can process the loans, which hasn’t been possible during covid. Banks have had to reshape and redesign the whole process of their lending products.”

https://www.google.com/amp/s/www.technologyreview.com/2021/01/15/1016087/banks-need-to-strike-the-right-balance-for-digital-transformation/amp/

Forget coding, you can now solve your AI problems with Excel

  • “While I’ve been using Excel’s mathematical tools for years, I didn’t come to appreciate its use for learning and applying data science and machine learning until I picked up Learn Data Mining Through Excel: A Step-by-Step Approach for Understanding Machine Learning Methods by Hong Zhou.
  • There’s a chapter that delves into the meticulous creation of deep learning models. First, you’ll create a single layer artificial neural network with less than a dozen parameters. Then you’ll expand on the concept to create a deep learning model with hidden layers.
  • In the last chapter, you’ll create a rudimentary natural language processing (NLP) application, using Excel to create a sentiment analysis machine learning model. You’ll use formulas to create a “bag of words” model, preprocess and tokenize hotel reviews and classify them based on the density of positive and negative keywords.”

https://thenextweb.com/syndication/2021/01/16/forget-coding-you-can-now-solve-your-ai-problems-with-excel/?scid=lAWQQPRS8c&utm_content=socialchampbGaQ5eNNFl&utm_medium=social&utm_source=facebook.com&utm_campaign=socialchamp.io

Unveiled at CES 2021, the world’s first robot dog with decentralized AI does everything but walk on water!

  • “Today, the world’s first decentralized AI robotic dog has been unveiled at CES 2021 by KODA Inc. Designed to offer both emotional companionship and practical, physical support, KODA, Inc.’s DAI robotic dog “is the perfect combination of function and performance,” as CEO of KODA, Inc., Emma Russell puts it.
  • Decentralized AI essentially equips the built-in software with the ability to solve the reasoning, planning, learning, and decision-making problems that centralized artificial intelligence does not compute.”