As the adoption of artificial intelligence (AI) continues to expand, the financial services industry is leveraging this technology in many ways. AI’s application in credit decision making has become increasingly prominent, driving efficiency and innovation across the sector. Some financial institutions are also using artificial intelligence in customer service; however, this has been met with some regulatory criticism in response to negative consumer outcomes. Beyond this, financial services companies leverage AI in fraud detection, investment management, home appraisals, and other critical areas. Regardless of how financial services companies use AI, ensuring the quality and reliability of the output is paramount, as this plays a critical role in maintaining compliance with regulatory standards.
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