Growing Use Of AI Draws Regulatory Attention From EBA

The European Banking Authority (EBA) has issued a word of caution over the use of artificial intelligence (AI) and machine learning by financial institutions, as the authority seeks to better understand the growth of the still largely unregulated area.

An increasing number of firms are looking to AI, which involves developing computer algorithms able to learn from inputted data and perform predictive or analytical tasks usually undertaken by humans, to carry out some of their traditional due diligence requirements.

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