Experts concerned about your money and privacy with AI in banking

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Experts are concerned about your money and privacy as the banking industry leans on Artificial Intelligence. They believe there are new challenges of AI in the financial sector.

The Consumer Financial Protection Bureau helps protect your finances as technology continues to evolve.

“We have to focus on how big tech and AI will transform banking,” Director Rohit Chopra said.

He recently told a group of lawmakers the country must strike a balance while using Artificial Intelligence.

“Will we harness technology to maintain and enhance relationship banking, to drive competition and protect privacy or will we continue our lurch toward a system marked by surveillance,” Chopra asked.

Senators agree there are worries based on the stories constituents are bringing them.

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“We’re seeing it across our state,” Sen. Katie Britt (R) Alabama said. “We had a number of people targeted through the use of AI.”

Some believe scams aren’t the only issue here -- there are privacy and discrimination concerns when it comes to your information and AI.

“They already are ingesting enormous amounts of data to feed some of these Artificial Intelligence models,” Chopra explained.

“There’s the ability to have these algorithms literally discriminate against consumers in the financial services sector,” Sen. Mark Warner (D) Virginia said.

Chopra believes as the industry evolves, consumer protection needs to change, as well.

“In the age of AI, pamphlets won’t be what solves it,” he added. “We’re looking at digital literacy tools, ways in which consumers can protect themselves, spot scams. We’re also looking at how it could be focused on specific populations.”

The CFPB said it is also working to bring more technical talent into the agency.

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