According to a report from Evident, which scrutinises the adoption of AI by businesses, one-third of Western banks lack transparency on their practices, despite the fact that AI is already being used by them for many critical processes.
Used for such tasks as authenticating customers and risk modelling, eight of the 23 largest banks in the US, Canada and Europe currently provide no public responsible AI principles.
Evident analysed millions of publicly available data points to assess how banks create AI leadership roles and define their ethical principles.
Alexandra Mousavizadeh, Evident CEO, said: “AI could be the key driver of better risk management and decision-making across the global banking sector. However, it is vital that banks develop AI in a way that meets high ethical standards and minimises unforeseen consequences.
“Our research found a worrying lack of transparency around how AI is already used – and how it may be used in the future – which...