AI in the Canadian Financial Services Industry

In recent years, players within Canada's financial services industry, from banks to Fintech startups, have shown early and innovative adoption of artificial intelligence ("AI") and machine learning ("ML") within their organizations and services. With the ability to review and analyze vast amounts of data, AI algorithms and ML help financial services organizations improve operations, safeguard against financial crime, sharpen their competitive edge and better personalize their services. As the industry continues to implement more AI and build upon its existing applications, it should ensure that such systems are used responsibly and designed to account for any unintended consequences. Below we provide a brief overview of current considerations, as well as anticipated future shifts, in respect of the use of AI in Canada's financial services industry. At a high level, Canadian banks and many bank-specific activities are matters of federal jurisdiction.