OPENTEXT & TCS
points out : “ BFSI firms must establish guardrails to mitigate biases and ensure transparency in AI-driven outcomes ”: particularly important in an industry where decisions can have significant financial and personal impacts on customers .
Security and privacy represent another major challenge . The BFSI sector deals with highly sensitive financial and personal data , making data protection particularly critical . “ It is important that solutions preserve the data protection that is already built into the underpinning information management systems ,” Lars comments . “ This is one of the reasons we have the mantra of bringing the AI to the data and not the other way around . That way you do not lose control .”
Unni , meanwhile , highlights the need for specific controls to secure customers ’ personally identifiable information ( PII ) based on geography-specific regulatory mandates . He also emphasises the importance of capabilities such as data traceability , real-time threat detection and response including preventing prompt injection attacks , role-based access controls , and appropriate guardrails throughout the value chain , in addition to the existing traditional security controls .
106 October 2024