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A top concern for banks: How will regulators tackle AI?

Joe Mont | November 19, 2018

The cutting-edge question asked by Federal Reserve Governor Lael Brainard: “What Are We Learning about Artificial Intelligence in Financial Services?”

Brainard made that query during a speech last week at a FinTech conference in Philadelphia.

“Although it is still early days, the application of AI in financial services is potentially quite important and merits our attention,” she said. “We are working across the Federal Reserve System to take a deliberate approach to understanding the potential implications of AI for financial services.”

Brainard focused her remarks on the branch of artificial intelligence known as machine learning, “the basis of many recent advances and commercial applications.” Modern machine learning applies and refines, or “trains,” a series of algorithms on a large data set by optimizing iteratively as it learns in order to identify patterns and make...

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