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Artificial intelligence (AI) and machine learning (ML) technology have started to transform financial services, bringing about new business opportunities and risks. AI governance should be adopted by financial institutions to comply with existing and upcoming AI-related law and regulations, as well as principles, values and ethics that promote the responsible use of AI. AI is being integrated or embedded into financial institutions’ product offerings, and AIaaS (AI as a Service) is becoming increasingly popular. Common uses of AI/ML technology by financial institutions include chatbots, robo-advisors, fraud and money laundering detection, assessing creditworthiness and affordability, and evaluating insurance risk.
