AI Governance in Banking: The Role and Challenges of Deploying AI in Banking
In the last ten years, we have witnessed the evolution of the concept of Artificial Intelligence into a notion that has captured the collective imagination with its promises of transformation. Deep learning and its flagship applications such as Alpha Go, self-driving cars, image recognition, automatique translation, etc., have created a lot of expectation in terms of its potential to bring fundamental transformation to various economic sectors. Historically, the banking sector has always been a large ship that is hard to steer into new directions. In terms on innovation and technology, they have been less agile than Fintech startups. Now that banks are beginning to catch up, alongside technological challenges, there come structural and cultural shifts that bring about a different type of challenges. In this presentation, we discuss the potential of transformation in banking made possible by AI technologies but also the cultural and structural challenges that this transformation represents. We will discuss these issues around a few exemples of applications of machine learning in banking.