FICO, the consumer credit score provider, has recently expressed its disappointment with financial services for not taking responsible AI initiatives seriously. The company believes that these organizations are putting their reputations at risk by not following through on such measures.
AI technology is becoming increasingly popular in the finance sector as it can automate tedious tasks and provide more accurate results than manual labor. However, this also means that there is a greater potential for misuse or abuse of customer data if proper precautions are not taken to ensure privacy and security protocols are followed correctly. FICO has urged companies to take responsibility for their AI-based systems and implement appropriate safeguards against any malicious activity or data breaches.
In addition to protecting customers’ information from being exploited, FICO insists that financial services must also be aware of how they use automated decision making processes when dealing with clients’ accounts so as to avoid any bias or discrimination based on race, gender etc.. They have recommended setting up an internal review system which will regularly evaluate existing policies regarding responsible AI usage in order to identify areas where improvements can be made in order protect consumers better while still providing them with efficient service delivery solutions powered by cutting-edge technologies like artificial intelligence (AI).
Read more at RTInsights
