✨ AI in the Banking Sector: Benefit or Hazard?
posted 21 Nov 2023
The latest report from Bank of America casts light on the dualistic role
of artificial intelligence (AI) in the banking sector. AI is touted to
boost operational efficiency and productivity, with a potential upswing
in banking profits.
Yet, it also introduces a set of risks, especially poignant in the realm
of sensitive data management within a heavily regulated industry. The
report calls for strict oversight by banking institutions and regulatory
bodies to mitigate the inherent risks AI brings, particularly in
safeguarding customer assets.
The collapse of several American banks earlier this year only underscores the importance of this issue.
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