There has been quite a lot in the news lately regarding the use of artificial intelligence, or AI, in the banking industry. But there is more to it than just AI – financial institutions are increasingly using algorithms and so-called “big data” in their operations. The benefits are obvious – more effective marketing, more efficient underwriting of credit, and just an overall sense of better knowing the customer.
But there are two sides to every coin; there are significant risks to using AI and nontraditional data when dealing with customers and prospects. The regulatory agencies (as well as Congress and the Administration) are keenly focused on these risks, and are looking very carefully at what the industry is doing. We have fintechs to thank for many of these advancements, but they are not regulated the same way as traditional banks, thrifts, and credit unions, so usage of these exciting tools and strategies must monitored carefully.
Who Should Attend
This interactive session is appropriate for anyone in the institution involved in the marketing, management, and servicing of retail products. As these technologies are pervasive throughout the product lifecycle, most anyone, Board members included, will benefit from this information.
Continuing Education Credit Information
Risks (and Rewards) of Artificial Intelligence in Banking has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. For questions on certificates, please email firstname.lastname@example.org. Certification holders must report these credits at https://aba.csod.com.