The author suggests careful adoption of AI, with a focus on attribution and visibility into AI systems. He also emphasizes the importance of staying ahead of industry trends and regulatory changes, enhancing customer service, and fostering a culture of innovation. The article concludes that financial managers who understand AI regulation and management will be in high demand by 2024.
Key takeaways:
- AI integration in banking is not only about operational efficiency and customer experience enhancement but also about managing regulatory requirements.
- There are four specific risks most experts associate with AI: data poisoning, reverse engineering, deep fakes and non-compliance.
- AI can automate many tasks in banking, freeing up human employees to focus on more complex and strategic tasks that require a human touch.
- Financial managers who understand AI regulation and management will be in high demand by 2024, as compliance and regulatory controls will be paramount in the banking sector.