✅ Artificial intelligence is advancing rapidly in the financial sector, in the Netherlands as elsewhere. Although AI provides substantial opportunities, it also presents risks. Here is a study by De Nederlandsche Bank
✅ On the one hand, AI can create better customer service and more personalised products, and offer institutions opportunities to increase their revenues and cut costs.
✅ On the other hand, there are risks, including in the areas of data quality, data protection, explainability, incorrect results, discrimination and exclusion, and greater dependence on third parties.
✅ Financial institutions are expected to use AI responsibly. The objectives of supervision and the standards institutions are required to comply with are technology-agnostic, and apply just as well when AI is used.
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