AI in the Banking Sector: Benefit or Hazard?

posted  21 Nov 2023
Photo - AI in the Banking Sector: Benefit or Hazard?
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.