Banks worldwide are exploiting the potential of generative alternative intelligence (AI) and machine learning (ML) to help with functions including risk management, fraud detection, user engagement and knowledge retrieval, but concerns remain that biased data could be putting financial institutions at risk.
Generative AI is still in its early stages and therefore continues to present the risk of critical errors and biased outputs, according to Rony Shalit, vice-president for compliance and ethics at Bright Data, a web data platform. “AI can be very useful in clear compliance cases, but in unexplored territories, it is up to the compliance team to evaluate the new risk and set mitigation activities,” he says.
