The Rise Of Machine Learning And The Risks Of AI-Powered Algorithms

Back in the Old Days, you used to have to hire a bunch of mathematicians to crunch numbers if you wanted to extrapolate insights from your data. These days, computers are so smart, they can figure everything out for themselves. But the uncensored power of "self-driving" AI presents financial institutions with a whole new set of regulatory, compliance and privacy challenges. More and more financial institutions are using algorithms to power their decisions, from detecting fraud and money laundering patterns to product and service recommendations for consumers. For the most part, banks and credit unions have a good handle on how these traditional algorithms function and can mitigate the risks in using them.