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US Banks Prohibit Gen AI Use – American Banker

US Banks Prohibit Gen AI Use – American Banker

(19 March 2024 – United States) Up to one in three US banks ban the use of generative artificial intelligence (Gen AI) tools within their company according to American Banker.

A key element limiting banks from utilising generative AI on a more widescale basis is the challenges associated with assessing the risk of a Gen AI application coupled with a poor understanding of risks related to the use of AI in their industry or profession such as inaccuracies, hallucinations and misinformation.

"The mere fact that generative AI does not answer a question the same way each time gives bankers cause for concern. No model in the human experience has been like that, not traditional AI, not Google search and not any bank model” SouthState Bank Director of Capital Markets Chris Nichols stated to American Banker.

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