Why We Shouldn't Want Banks to Go All In on Artificial Intelligence 7wData

Banks love to brag about how many data scientists they're hiring and their shiny machine-learning "centers of excellence." In the 2018 JP Morgan Chase annual report, CEO Jamie Dimon said the company had gone "all in" on artificial Intelligence, adding that Artificial Intelligence and machine learning were "being deployed across virtually everything we do." Not to be outdone, HSBC has opened multiple "data and innovation labs" around the world, in order to build Artificial Intelligence tools that can take in the bank's more than 10 petabytes of data. Citigroup, Bank of America, and Capital One also boast about their artificial intelligence capabilities, particularly to their would-be investors. Of course, some of this is hype: Banks believe they can get a certain brand patina from looking and acting like tech companies. But as Oxford technologist Nick Bostrom points out, artificial intelligence technology has the potential go from staggeringly dumb to effectively omniscient rather quickly.