Weekly Wrap: FDIC’s chief innovation officer weighs in on AI

In this week’s podcast, Bank Automation News tackles the question of what banks can expect from regulatory agencies when it comes to deploying artificial intelligence (AI) in financial services. AI may offer a competitive advantage for U.S. companies, Sultan Meghji, the FDIC’s new chief innovation officer, told BAN. And while he said AI should be tested for bias, he stated that “the vast majority of artificial intelligence in the banking system has nothing to do with making credit decisions.” 

The BAN team also discusses here how banks are leveraging AI for credit scoring, particularly for those without credit, and the ethical issues that crop up with AI-driven decisioning.  

Find a discussion of these topics and more in today’s episode of the Weekly Wrap with Publisher JJ Hornblass, Editor Myra Thomas, Associate Editors Jaspreet Kalra and Loraine Lawson for the week ended June 4, 2021.