Acting Comptroller of the Currency Rodney Hood said artificial intelligence has tremendous potential to help banks optimize processes and promote access to banking services, but it must be used in a safe, secure, and trustworthy manner.
Details: Speaking in Washington, Hood said:
Banks use AI in fraud detection and prevention, identification of suspicious activity, facilitation of automated trading, automation of loan-origination processes, and marketing and customer service.
AI can help banks make more informed decisions, enhance efficiency, and provide better services to households and businesses, if it is built and used responsibly.
The OCC has launched initiatives to explore expanding financial inclusion through new or novel uses of technologies.
ICBA View: ICBA last month told the National Science Foundation that AI has the potential to significantly enhance the operations of community banks, but regulatory frameworks must evolve in a way that supports innovation while safeguarding consumer protections and financial stability.
