WFC - Will Biden's Landmark AI Executive Order Push Banking Industry Deeper Into Artificial Intelligence? | Benzinga
President Joe Biden issued a new executive order on artificial intelligence on Monday, making it the first of a kind to require new safety assessments, equity and civil rights guidance, and research on AI’s impact on the labor market. The order is divided into eight sections, which include creating new safety and security standards for AI, protecting consumer privacy, and many others.
The announcement comes as financial firms and banks have started to adopt AI-based systems to not only make day-to-day activities easier for staffers, but also make better informed, safer, and profitable loan and credit decisions. However, generative AI also faces some challenges in the financial space, mainly highlighting how to assess the risks and how the risks can be minimized.
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our November 13 Fintech Deal Day and November 14 Future of Digital Assets. Secure a spot here to join them!
How Is AI Helpful For Banks?
Fraud detection is one field where AI can be highly supportive as it scans large amounts of data and in very little time detects any unusual patterns. Anti-money laundering efforts will also be enhanced by deploying AI into regular banking functions. It can also be used to develop chatbots to provide an enhanced customer experience, ...