Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Banking

Should Data Quality be a Concern for Financial Institutions Implementing AI?

by Jackie Davis
May 2, 2019
in Banking
Reading Time: 4 mins read
A A
data quality
Share on FacebookShare on Twitter

With massive amounts of data being compiled on a daily basis, financial institutions are turning to artificial intelligence (AI) to improve customer experience, detect risk, and simplify common tasks. While AI solutions can provide a variety of benefits to banks, how can we ensure that the technology is being fed the best data? As AI becomes more common, the scrutiny has turned to data that feeds and teachers the solution. If it isn’t of the highest quality, is the AI able to complete its task?

Morgan Stanley Data Center of Excellence

Morgan Stanley has established a Data Center of Excellence to address the difficulties that come with enterprise data. Over 30 experts specializing in data infrastructure, architecture, and governance have come together to monitor the data the bank holds and ensure AI applications are being built with the right data in mind. The data and AI teams are working closely so the AI algorithms will use appropriate, high-quality data.

“The reason we have the Center of Excellence is we want to continue to build on AI, and we understand this is one of the foundational areas that is needed,” said Katherine Wetmur, head of quality assurance and production management.

Read more here.

AI and Data Quality

AI and Machine Learning are becoming more common in financial institutions, helping to sort and analyze data, but what if that data is bad? “While most popular discourse centers on data privacy concerns, one of the more serious negative impacts is the bias that lives within the data that feeds these systems and uses it to become more intelligent,” said Navin Sharma, Vice President, Product Management at Pitney Bowes.

“If you look beyond these broad challenges and look more closely at how organizations could start to use AI in their everyday decision making, the picture becomes even darker. AI has brought us the era of “black-box” decision making that is casting aside traditional decision-making processes, the kinds that have been made by consensus in meetings between people or driven by human-programmed business rules,” said Sharma. For financial institutions, ensuring the quality of data that is being fed to AI programs is just as important as the program itself.

Read more here.

AI for Banking Outages

While AI is being used for high-value tasks like AML efforts, it is also used by many financial institutions for simpler tasks like customer service. In today’s digital world, when that service is not available, it causes a big issue. Because of this, Danske Bank and IBM have partnered to create predictive insight technology that can predict an outage before it happens, in hopes of preventing them.

“Banking is complex and AI is something that helps a human being to deal with complexity in a more efficient manner,” said Craig Ian Alexander, senior vice-president and co-head of IT operations at Danske Bank. This partnership and AI technology is in its initial phases but hopes to improve customer experience and bank preparedness in the event of an outage.

Read more here.

To stay up to date on the latest fintech news, subscribe today.

Tags: AIartificial intelligenceDanske BankData Center of ExcellenceIBMmachine learningMLMorgan StanleyPitney Bowes

RELATED POSTS

Contributed Articles

AI: Helping or Hurting Companies in Staying Compliant

March 9, 2023
Pandemic Relief Fraud
Banking

Artificial Intelligence Helps Combat Fraud, Waste, and Abuse and Protects $5 Trillion in Pandemic Relief Funding

June 9, 2022
Contributed Articles

AI in Financial Services: Where Does Ethics Fit In?

April 28, 2022

TRENDING NOW

  • Cybercrime and Cyber Risk: Strategies for Protecting Your Organization

    503 shares
    Share 201 Tweet 126
  • What 2023 Means for Commercial Construction Lending

    515 shares
    Share 206 Tweet 129
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    657 shares
    Share 263 Tweet 164
  • AI in Financial Services: Where Does Ethics Fit In?

    553 shares
    Share 221 Tweet 138
  • Matching Buyers and Sellers in M&A

    540 shares
    Share 216 Tweet 135

CONNECT WITH US

Advertisement Banner Ad Advertisement Banner Ad Advertisement Banner Ad
Advertisement Banner Advertisement Banner Advertisement Banner

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us