Bankers best-placed to win over public on | Australian Markets
The Australian Securities and Investments Commission has tasked the nation’s banking industry with assuaging public mistrust in artificial intelligence by proving it may be used for buyer good.
But the watchdog additionally affirmed it’s in no rush to regulate the fast-moving technology.
A speech to be delivered by chair Joe Longo on Wednesday will set out the conundrum the company regulator faces in each making an attempt to enable the purported advantages of AI to flourish, whereas managing its potential harms.
“Cutting-edge technology can’t leave your customers bleeding,” he’ll inform an Association Banking Association convention in Sydney.
“We’ve already seen that customer trust in AI and its potential to improve customer service is eroding. If banks get this wrong, we’re likely to see a significant setback in AI legitimacy and trust.”
Mr Lungo instructed as an instance that banks would possibly implement AI to help monitor weak prospects and guarantee they aren’t being overcharged banking charges.
Mr Longo may also make the case that as “sophisticated operators”, banks have the correct governance buildings in place to “lead Australia’s AI revolution”, after a latest survey discovered solely 4 in 10 Australians really trust the technology.
“The latest research by RepTrak and KPMG shows that over the last 12 months, Australians’ trust in AI has declined,” he’ll say.
“And, since Australians interact with their banks in some form or other every day – if you get AI right, that will go a long way toward addressing Australians’ general hesitation around AI.”
ASIC’s current view is that it shouldn’t be speeding into focused AI regulation, with Mr Longo saying the group plans to “see just how far” present frameworks will final because the technology develops.
Although he additionally warned that the watchdog was holding a close eye on how AI was getting used.
“We will take enforcement action where appropriate, where we see misconduct occurring. So yes, you will get in trouble when technology is not used responsibly,” he’ll say.
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