Focus on these three areas when developing AI best practices

Financial institutions looking to adopt and develop best practices on the responsible use of artificial intelligence (AI) should focus on three areas: explainability, bias and diversity, experts say. A new TD Bank Group survey of 1,200 Canadians found that a majority of Canadians (72%) are comfortable with companies using AI if it means they'll receive better and more personalized service, but 68% admit that they don't understand the technology well enough to know the risks. In addition to surveying Canadians about their attitudes toward AI, TD also engaged a cross-section of experts – from financial services, technology, fintech, academia, and public and not-for-profit organizations – to participate in a roundtable discussion to better understand the risks associated with AI in financial services. The findings were presented in the report Responsible AI in Financial Services, released at an Economic Club of Canada event Sept. 12. The roundtable analyzed future-state scenarios that presented instances where AI resulted in unintended consequences for customers.