How the adoption of new technologies and approaches are changing how nonfinancial risks are managed
Observations
Mar 08, 2024In a recent article, J.D. Power provides a deep-dive into the results of its "2023 Banking and Payments Intelligence Report" on customer sentiment towards AI in banking. Based on input from 4,000 retail bank customers, the study authors found a significant level of skepticism with only 28% of respondents saying that they believed AI would make their lives better.
Observations
Dec 15, 2023In its Fall 2023 "Semiannual Risk Perspective," the US Office of the Comptroller of the Currency (OCC) reports that the overall strength of the federal banking system remains robust, but cautioned to remain vigilant and adhere to prudent risk management practices. Therein, the OCC identifies AI as an emerging area of risk and opportunity for banks and the financial system as a whole.