AI is changing the face of the banking industry. How can banks meet the governance challenges and take advantage of this game-changing technology?
To answer this crucial question, the Economist Intelligence Unit (EIU) and Temenos have produced a new report – Overseeing AI: Governing Artificial Intelligence in Banking
Key findings in the report include:
- 77% of banking leaders believe AI will define winning from losing banks.*
- COVID-19 will intensify the use of AI. This makes effective governance more urgent
- “Black box” risk and lack of human oversight are key concerns surrounding the use of AI in banking. This makes ethical, fair and well-documented AI-based decisions vital.
To create this report, the EIU conducted a global regulatory review of over 25 reports and summarized the main issues raised by regulators on the topic of managing AI risks in banking. These documents were published in the last three years by banking and financial sector supervisory authorities, central banks and supranational institutions, universities and consultancies.