Many of world's biggest banks lack transparent policies for responsible AI

Many of the world's biggest banks lack transparency in how they are developing the artificial intelligence (AI) that could be used in future decision-making and risk management. A study of the 23 largest banks in Europe, the US and Canada found eight that have not publicly reported their responsible AI principles. Benchmarking company Evident assessed banks in four areas of responsible AI, using public data to create its AI Index. It looked at the banks' creation of AI leadership roles, publication of ethical principles, collaborations with other organisations and publication of original research. Evident CEO Alexandra Mousavizadeh said AI could provide better risk management and decision-making across the global banking sector.