The AI-privacy paradox: Can banks innovate without compromising customer data?
By Malcolm Gomes, Chief Operating Officer, IDfy, Head of Privy by IDfy
Every AI system a bank runs stands on data. Not on models, not on compute, not on talent, though all of those matter. In financial services that data is personal, regulated, and consequential, which makes one point unavoidable: privacy and data governance is not a control beside the AI programme; it is the foundation the programme stands on. Treated as a compliance layer, privacy is the thing that slows AI down, the tax on ambition. Treated as a foundation, it decides whether the AI above it holds or falls. In banking, where every worthwhile AI use case sits on regulated data, that is not a constraint on AI. It is the precondition for it.
The direction is already set. The RBI’s FREE-AI committee estimated AI could improve banking efficiency by up to 46%, and AI is already...
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