November 13, 2024

AI is moving faster than regulatory updates. Where does that leave banks?

In this article:

he article discusses the rapid advancement of artificial intelligence (AI) in the financial sector and the challenges banks and other financial institutions face in balancing innovation and compliance with emerging regulations. Key points:
AI is being widely adopted in the financial industry for use cases like stock pricing, fraud prevention, and credit decisions
But banks need to ensure their AI initiatives comply with existing laws and upcoming AI-specific regulations.
The U.S. federal government is working to catch up with the accelerating pace of AI development
Specific regulations for the financial sector are still emerging
The article also goes into some suggested best practices for adaptation to emerging regulations

AI is moving faster than regulatory updates. Where does that leave banks?

RegulatingAI, a non-profit organization, is dedicated to establishing a platform for grassroots advocacy concerning artificial intelligence (AI) regulation. We serve as a bridge connecting AI experts, researchers, corporations, NGOs, academicians, students, and enthusiasts. RegulatingAI is committed to harnessing the power of shared knowledge to construct a responsible and ethical AI ecosystem.