JPMorgan may have restricted employee use of ChatGPT, but the broader financial services sector can't escape the AI buzz. A new survey from FICO and Corinium solicited responses from C-level AI and data leaders at 100 major banking and financial services institutions in the US and Canada, finding overall that demand for AI tools and processes seems to have accelerated faster than the implementation of responsible AI initiatives. Half of those surveyed said that demand for AI products is higher than last year, while 71% said AI ethics and responsible AI isn't a core part of the operational strategies at their organizations. Just 8% of leaders said their AI strategy was "fully mature, with model development standards consistently scaled across their organizations." "From a financial services perspective, that was surprising," Scott Zoldi, FICO's chief analytics officer, told us.

OAKLAND, Calif., Oct 13 (Reuters) - Used by two-thirds of the world's 100 biggest banks to aid lending decisions, credit scoring giant Fair Isaac Corp (FICO.N) and its artificial intelligence software can wreak havoc if something goes wrong. That crisis nearly came to pass early in the pandemic. As FICO recounted to Reuters, the Bozeman, Montana company's AI tools for helping banks identify credit and debit card fraud concluded that a surge in online shopping meant fraudsters must have been busier than usual. The AI software told banks to deny millions of legitimate purchases, at a time when consumers had been scrambling for toilet paper and other essentials. But consumers ultimately faced few denials, according to FICO.

First published on Aug. 10, 2021, on Hewlett Packard Enterprise's Enterprise.nxt, publishing insights about the future of technology. AI models get more accurate all the time, but even the data scientists who built them can't explain why -- and that's a problem. AI-driven algorithms are now a daily part of nearly everyone's lives. We've all grown used to machines suggesting a new series to binge on Netflix, another person to follow on Facebook, or the next thing we need to order from Amazon. They're also driving far more important decisions, like what stocks to invest in, which medical procedures to consider, or whether you qualify for a mortgage.

Despite increasing demand for and use of AI tools, 65% of companies can't explain how AI model decisions or predictions are made. That's according to the results of a new survey from global analytics firm FICO and Corinium, which surveyed 100 C-level analytic and data executives to understand how organizations are deploying AI and whether they're ensuring AI is used ethically. "Over the past 15 months, more and more businesses have been investing in AI tools, but have not elevated the importance of AI governance and responsible AI to the boardroom level," FICO chief analytics officer Scott Zoldi said in a press release. "Organizations are increasingly leveraging AI to automate key processes that -- in some cases -- are making life-altering decisions for their customers and stakeholders. Senior leadership and boards must understand and enforce auditable, immutable AI model governance and product model monitoring to ensure that the decisions are accountable, fair, transparent, and responsible."

Nearly two-thirds of C-level AI leaders can't explain how specific AI decisions or predictions are made, according to a new survey on AI ethics by FICO, which says there is room for improvement. FICO hired Corinium to query 100 AI leaders for its new study, called "The State of Responsible AI: 2021," which the credit report company released today. While there are some bright spots in terms of how companies are approaching ethics in AI, the potential for abuse remains high. For example, only 22% of respondents have an AI ethics board, according to the survey, suggesting the bulk of companies are ill-prepared to deal with questions about bias and fairness. Similarly, 78% of survey-takers say it's hard to secure support from executives to prioritize ethical and responsible use of AI.

AI is the de facto gold rush at the moment. Venture capitalists say AI startups in Thailand are in the initial stage of the AI journey. Artificial intelligence (AI) is one of the hottest buzzwords in the startup scene, with AI companies attracting 15-50% more money in funding rounds. Even larger corporations, many not even tech companies, must still pay lip service and claim to use AI or risk looking like they are unprepared for an AI-driven future. But how much of this so-called AI technology is actually of any value and not just empty buzzwords?

Artificial intelligence (AI) is set to revolutionise the Thai banking sector, but many are worried about governance issues amid the challenge of integrating AI into bank operations. AI is creeping into the lives of people around the world. One way or the other, people are increasingly interacting with AI whether through their smart phones, computers or surveillance cameras. In the business sector, Thai banks are active in deploying AI into their operations, aiming to woo more customers, earn more profits and improve the management of their businesses. "We have been working with many Thai banks on our AI machine-learning technology," said Scott Zoldi, chief analytics officer at FICO, a leading analytic software company based in California.

The year 2018 will be one of artificial intelligence "operationalisation" as more services integrate AI systems in their core offerings. The age of artificial intelligence (AI) is upon us. Every aspect of life will soon be altered -- and sometimes defined -- by AI. FICO, a Silicon Valley-based data analytics and software firm, has studied the potential impact of AI in 2018. In essence, AI will come to form the core of many sectors and will be "operationalised" by organisations.

The growing use of blockchain technology in financial services will include a healthy dose of artificial intelligence, as new, automated analytic techniques look for patterns in the "relationship data" about people, contracts and transactions. That merger of these two hot tech trends is one of the predictions made by Dr. Scott Zoldi, chief analytics officer at Silicon Valley analytic software firm FICO, and a recognised expert in the field of artificial intelligence. "Beyond its association with cryptocurrencies, blockchain technology will soon record'time chains of events,' as applied to contracts, interactions and occurrences," Dr. Zoldi wrote on the FICO Blog. "Think about renting a car. In the future, you will be able walk up to a car to lease it, but you'll do so with a micro-loan for which you are approved to lease the car for, say, an afternoon. This micro-loan will have insurance contracts attached to the blockchain, and a codified history of the car's history of drivers, events, and maintenance. As you drive through the city and interact with toll roads and parking spaces, all of this information will be automatically recorded and monitored on the blockchain. When you leave the car and lock it, the lease is complete and auditable on the chain. These kinds of data event chains will create new opportunities for graph analytics and novel new AI algorithms to consume relationship data at scale."

The growing use of blockchain technology in financial services will include a healthy dose of artificial intelligence, as new, automated analytic techniques look for patterns in the "relationship data" about people, contracts and transactions, predicts FICO. Blockchain will use AI to search through relationship data. "Beyond its association with cryptocurrencies, blockchain technology will soon record'time chains of events,' as applied to contracts, interactions and occurrences," Dr. Zoldi wrote on the FICO Blog. "Think about renting a car. In the future, you will be able walk up to a car to lease it, but you'll do so with a micro-loan for which you are approved to lease the car for, say, an afternoon. This micro-loan will have insurance contracts attached to the blockchain, and a codified history of the car's history of drivers, events, and maintenance. As you drive through the city and interact with toll roads and parking spaces, all of this information will be automatically recorded and monitored on the blockchain. When you leave the car and lock it, the lease is complete and auditable on the chain. These kinds of data event chains will create new opportunities for graph analytics and novel new AI algorithms to consume relationship data at scale."