Renegade robotics could cost banks dearly, top industry officials warn

2 August 2018 4:56pm
Relying excessively on artificial intelligence without human oversight could come at a heavy cost in terms of lost customer data and payments authorized to the wrong parties, bankers have warned.

For AI to work properly, it must be supplemented by humans, lest automated systems make decisions that could put lenders in jeopardy, several bankers told an AI conference* in Hong Kong yesterday.

Peter Clark, the Asia regional information officer at Standard Chartered Bank, said: "For instance, AI can be authorizing payments to North Korea."