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AI can also monitor network traffic for suspicious activity, which can help banks prevent data breaches and other security incidents. Portfolio and risk management: AI can look for patterns in historical data to predict the probability of loan default or late payment, helping banks make more informe...

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Bibliographic Details
Published inBankBeat Vol. 208; no. 6; p. 26
Main Author Yang, Anna Burgess
Format Trade Publication Article
LanguageEnglish
Published Minneapolis NFR Communications Inc 01.06.2023
Subjects
Artificial intelligence
Automation
Risk management
Safety & soundness
Software
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Summary:AI can also monitor network traffic for suspicious activity, which can help banks prevent data breaches and other security incidents. Portfolio and risk management: AI can look for patterns in historical data to predict the probability of loan default or late payment, helping banks make more informed decisions. The Civil Rights Division of the Department of Justice, the CFPB, the FTC, and the Equal Employment Opportunity Commission released a joint statement that any systems using AI and automated systems are not exempt from following consumer protection laws.