" " How to automate AI-powered decisions responsibly and with confidence – Financial Tips " "
Financial Tips
Advertisement
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us
No Result
View All Result
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us
No Result
View All Result
Financial Tips
No Result
View All Result
Home Banking

How to automate AI-powered decisions responsibly and with confidence

admin by admin
March 9, 2023
in Banking


With all of the buzz surrounding artificial intelligence (AI) technologies such as ChatGPT, the question becomes “how do we best harness the power of these tools to drive business outcomes?”

In today’s uncertain economic environment, belts are tightening across the board, and investment priorities are shifting away from far-fetched, moonshot projects to practical, near-term applications. This approach means finding opportunities where AI can be practically applied to improve the speed and quality of data-driven decision making.

For banks, these opportunities exist in many areas – from extending credit offers and personalizing customer treatments to detecting fraud and identifying at-risk accounts. However, within the highly regulated financial services industry, leveraging AI to automate these types of decisions adds a layer of risk and complexity.

To get AI-powered decisioning into the hands of the business and drive forward real, meaningful results, technology teams must provide the right framework for developing and deploying AI models responsibly.

What is Responsible AI and why is it so important?

Responsible AI is a standard for ensuring that AI is safe, trustworthy, and unbiased. It ensures that AI and machine learning (ML) models are robust, explainable, ethical, and auditable.

Unfortunately, according to the latest State of Responsible AI in Financial Services report, while the demand for AI products and tools is on the rise, the vast majority (71%) have not implemented ethical and Responsible AI in their core strategies. Most alarmingly, only 8% reported that their AI strategies are fully mature with model development standards consistently scaled.

Beyond the regulatory implications, financial institutions have an ethical responsibility to ensure their decisions are fair and free of bias. It’s about doing the right thing and earning customers’ trust with every decision. An important first step is becoming deeply sensitive to how AI and ML algorithms will ultimately impact real people downstream.

How to ensure AI is used responsibly

Financial institutions need to put their customer’s best interests at the front of their technology investments.

This means having robust model governance practices that ensure enterprise-wide transparency and auditability of all assets – from ideation and testing to deployment and post-production performance monitoring, reporting, and alerting.

It means understanding how models and systems arrive at decisions. AI-powered technology needs to do more than execute algorithms – it must provide full transparency into why a decision was made, including what data was used, how models behaved, and what logic was applied.

A unified enterprise platform provides a common place to author, test, deploy, and monitor analytics and decision strategies. Teams can track how and where models are being used, and most importantly, what decisions and outcomes they are driving. This feedback loop provides critical visibility into the end-to-end impacts of AI-powered decisions across the enterprise.

Unlock a secret advantage with simulation

Designing robust decision strategies and AI solutions often requires some level of experimentation. The development process must include adequate testing and validation steps to ensure the solution meets rigorous standards and will perform as expected in the real world.

With both aggregate and drill-down views, decision testing can reveal how input data moves throughout the strategy to produce an output. This provides useful traceability for debugging, auditing, and governance purposes.

Taking this a step further, the ability to simulate end-to-end scenarios gives users the crystal ball they need to creatively explore ideas and respond to emerging trends. Scenario testing, using a combination of models, rulesets, and datasets, provides a “what-if” analysis for comparing outcomes to expected performance results. This allows teams to quickly understand downstream impacts and fine-tune strategies with the best information possible.

Combining testing and simulation capabilities within a unified platform for AI decisioning helps teams deploy models and strategies quickly and with confidence.

Bring it all together with applied intelligence

With the right foundation, technology teams can create a connected decisioning ecosystem with end-to-end visibility across the entire analytic lifecycle. This foundation accelerates practical AI development and facilitates getting more models into production, ushering in a new age of tackling real-world problems with applied intelligence.

Learn more about how FICO Platform is giving leading banks the confidence they need to move quickly, deploy AI responsibly, and deliver outcomes at scale.

– Jaron Murphy, Decisioning Technologies Partner, FICO





Source link

Tags: business bankingsponsored
Previous Post

How Do Smart Clients Invest in Themselves? Know Their “Why”

Next Post

Paysera Taps Ria’s Physical Money Transfer Locations

Next Post

Paysera Taps Ria’s Physical Money Transfer Locations

Recommended

Ethereum NFT collections lost nearly 60% of their market cap in 2022: Report

February 9, 2023

Finance in the Metaverse Era Should be Green and Sustainable by Default

November 17, 2022

Don't miss it

Investment

Economic Value of Equity (EVE): Protection from Rising Interest Rates

March 23, 2023
News

How Much Do Real Estate Agents Make?

March 23, 2023
News

Do Kwon faces fraud charges from US prosecutors hours after arrest

March 23, 2023
Digital Payment

Chungos, Bit Bears by Berachain, Ghost Boy, 9 ZONES, and more collections added to Kraken NFT

March 23, 2023
Digital Payment

Bitcoin Advocates Discuss US Government’s Alleged Mission to Eliminate Crypto Access – Bitcoin News

March 23, 2023
Banking

Mangopay Acquires Payment Orchestrator WhenThen

March 23, 2023

© 2022 Financial Tips News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us

© 2022 Financial Tips News Hubb All rights reserved.

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/