Banks prioritize responsible AI, governance as use soars
Dive Brief:
- A focus on governance and responsible AI use is growing as banking firms accelerate AI use, according to Evident’s annual report on 50 of the largest global financial firms published Tuesday. All but one bank surveyed said they have responsible AI principles in place, up from 16 banks in 2023.
- More than two-thirds said they have additional detailed controls for AI systems, including checks on what they are fed and what they produce, limits on the tools they can use and oversight once they are live.
- “Leading banks define standardized guardrails, permissions, evaluation protocols, monitoring requirements and escalation mechanisms once, then embed them directly into enterprise AI platforms and architectures,” Alexandra Mousavizadeh, co-founder and co-CEO of Evident, told CIO Dive in an email.
Dive Insight:
To support their AI use cases, banks are rapidly adding specialized talent, focusing resources on enabling the employees who use it and...
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