Banks Embrace Ethical AI

IBM laid out plans last month on new AI guidance to ensure it is done in an ethical way; according to American Banker the company says it hopes its approach will “hold companies more accountable, without becoming over-broad in a way that hinders innovation or the larger digital economy.”; banks including Regions Bank, BMO, Citizens Financial and U.S. Bank have all started adhering to IBM’s new standards and many have created their own; AI is becoming a core technology for many banks and limiting bias is something all banks are striving to do; “AI-like tools can potentially produce more accurate mathematical results through sophisticated algorithms, but those are not necessarily the right results for a customer, and we have to pay attention to the human and ethical factors,” Malcolm Griggs, Chief Risk Officer at Citizens Financial, said to American Banker. “These are tools that can be helpful, but they are not a substitute for common sense and sound judgment.” American Banker

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