Regulators Need To Use Big Data, Artificial Intelligence To Meet Fintech Challenge Says Key US Rep

The blossoming of fintech shows financial regulators need to update their tools, Rep. Patrick McHenry, possibly the next chair of the House Financial Services Committee, said today. Regulators need to start using Artificial Intelligence (AI) to adapt rules quickly to a rapidly changing financial system, a Republican Congressman who is often mentioned as the next possible head of the House Financial Services Committee said today. To meet the fintech challenge, Rep. Patrick McHenry (R-NC) also called for regulators to begin employing Big Data to develop strategies. "The basic way consumers are interacting with the banking system is fundamentally changing," said the Congressman. McHenry revealed he will be introducing a bill soon to bring financial regulation into the fintech era.