Science & Tech · AI · 2 hrs ago
State Street urges responsible AI use as finance industry expands
State Street is urging banks to use AI responsibly as financial firms expand its role.
The call came at the Global Financial Leaders’ Investment Summit in Hong Kong, where executives from major financial firms discussed AI.
State Street has more than 350 AI use cases, up from around 150 last year.
The bank’s chief data and AI officer said speed must not come at the expense of responsibility or proper oversight.
Security risks are a major concern as AI becomes more widely used in finance.
State Street expects AI’s uses in finance to multiply in the coming years, making safe and well-governed deployment an ongoing challenge.
State Street says responsible deployment is vital as finance firms expand their use of artificial intelligence.
The US bank expects AI uses in finance to multiply in the coming years.
State Street has more than 350 AI use cases, up from around 150 last year.
Manoj Bohra said growth must not come at the cost of responsibility or a governed ecosystem.
The remarks came on the first day of the Global Financial Leaders’ Investment Summit in Hong Kong.
- Who
- State Street, represented by its chief data and AI officer, Manoj Bohra.
- What
- The bank urged responsible AI deployment as financial firms expand their use of the technology.
- When
- On the first day of the Global Financial Leaders’ Investment Summit; the article says Bohra spoke on Tuesday.
- Where
- At a media round table during the summit in Hong Kong.
- Why
- The industry faces potential security risks as AI use grows.
This story does not have two clearly opposing sides.
State Street had around 150 AI use cases.
State Street has more than 350 AI use cases.
Manoj Bohra spoke at a media round table on the first day of the Global Financial Leaders’ Investment Summit in Hong Kong.
- AI use cases
- More than 350 at State Street
- Previous AI use cases
- Around 150 last year
- Summit
- Global Financial Leaders’ Investment Summit
- Location
- Hong Kong
- Speaker
- Manoj Bohra, State Street chief data and AI officer
What people are saying
responsible deployment
at the cost of responsibility and a governed ecosystem
multiply