ACA Outlines Benefits of Artificial Intelligence in Comments to Regulatory Agencies

Artificial intelligence-based technologies can help ACA International members and other financial services providers better understand their customers' preferences and adapt their communications approaches, Vice President and Senior Counsel of Federal Advocacy Leah Dempsey said in recent comments on five federal agencies' request for information (RFI) on artificial intelligence. The Federal Reserve Board, Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency announced RFI to gain input from financial institutions, trade associations, consumer groups and other stakeholders on the growing use of artificial intelligence by financial institutions, ACA previously reported. More specifically, the agencies sought comments to better understand the use of artificial intelligence, including machine learning, by financial institutions; appropriate governance, risk management and controls over artificial intelligence; challenges in developing, adopting and managing artificial intelligence; and whether any clarification would be helpful. Overall, ACA appreciates the agencies' recognition that artificial intelligence technologies, including voice recognition and natural language processing, can enhance consumer experiences and provide other benefits. "They can also help financial institutions provide products and services that are more customized for consumers and reveal patterns in consumer preferences," Dempsey said.