Banks told to make AI work for people, not against them
Corporate guard says that Australia’s banks should use artificial intelligence to enrich the lives of their customers and to encounter doubts about technology.
Since the railings are already in place and more rules may have a creepy effect on innovation, the nation should not rush to regulate further on the AI, Joe President Joe Longo will tell a room banker in Sydney on Wednesday.
Mr. Longo will have warned more generally against excessive regulation and will invite deputies not to address a perceived problem by throwing more rules.
“The truth is that, as I said before, more specific and narrow -target arrangement is becoming more complex,” he says in his speech at the Australian Banking Association conference.
He continued: “It becomes difficult to understand, it is hard to comply with, and it is more difficult to implement the organizers.”
This results in a burden caused by time and productivity lost by all Australians, and makes it difficult for regulators to combat fraud, predatory loan and other unfair practices.
“And when you need to spend more than coders on the lawyers, it becomes a hand brake about innovation.”
Although ASIC does not rush to implement a new regulation, Mr. Longo acknowledges that more in the future may be more necessary.
However, the focus is to apply existing laws. There are already railings, and the organizers need to be more creative about how to apply them.
“In other words, we have to kick the tires a little and we need to see how much a neutral framework will be stretched in terms of technology.”
ASIC still takes a closer look at how businesses adopt AI, and Mr. Longo wants to see that banks use AI to really improve the lives of their customers.
This may include preventing low -income customers from paying millions of dollars to pay the right to avoid, as well as a report on the treatment of banks to domestic customers.
He showed a single mother who was accused of more than 2600 dollars for five years from Southern Australia.
“Your algorithm would be a real gain for customer -oriented banking if you want you to serve your customers better before you make a ASIC report.”
He continued: “The customer trusts AI and the potential to improve customer service.
