AI: Impact and Use in the Financial Services Industry (Part Four)

Regulatory Oversight Podcast

05.16.23 Financial services companies are using AI to assist with many business processes, including underwriting decisions, consumer credit approval, servicing and collections, loss mitigation programs, customer interaction on websites and mobile apps via chatbots, and in detecting fraud. In this fourth episode, Stephen Piepgrass and colleagues Chris Willis and Michael Yaghi examine the use and impact of AI in the financial services industry. They discuss the potential risks financial services companies may face with increased reliance on AI, as well as the increased focus on AI by various regulators and state attorneys general. Our panel also offers practical suggestions for financial services companies who want to develop or adopt machine learning models into their business processes. In our final episode of this series, we will discuss the impact and use of AI in Background Screening.