FINSERV
“ Compare that to your average AML ( anti money laundering ) officer , and they are completely outgunned ”
JULIAN DIXON CEO , NAPIER
He adds , “ These rules are important , and we welcome them – and we predict there will be other regions in the world that will follow the EU ' s lead because we need regulation to keep customers and their data from being exploited and to protect their civil liberties ."
AI data and diversity Diversity is a hot button topic in terms of AI usage , along with the emergence of bias . Dr Garfield Benjamin , a postdoctoral researcher at Solent University in Southampton , UK , is working on social aspects of AI , algorithms , platforms , and privacy .
Benjamin says the regulatory aspect of AI in the financial sector will likely include more thorough audits of training data and algorithms to identify areas where bias is treating people unfairly or blocking people from certain products .
“ We have seen that in advertising as well , where certain groups ( often women or Black people ) don ’ t see Facebook adverts for better financial products like mortgages or job opportunities .”
Benjamin continues , “ The whole point of algorithmic decision-making is to discriminate – to judge people according to certain criteria like where they live , their age , their occupation . But we can design the algorithms and AI to support people or to make existing social biases worse . The future of regulation is looking to address some of these concerns .”
The future of AI chatbots in financial services
According to Juniper Research , chatbots are the future of fintech customer servicing as they handle a multitude of requests from customers that can be managed by AI technology rather than human call handlers which can be deployed to deal with more complicated queries . Research shows that :
• Successful banking related chatbot interactions will grow 3,1505 % between 2019-2023 .
• 826 million hours will be saved by banks through chatbot interactions in 2023 .
• 79 % of successful chatbot interactions will be through mobile banking apps in 2023 .