There has been a lot of news these days about AI. Recently, a Fintech firm pitched us on using their AI platform to enhance our customer services. They also offer many other AI services. Frankly, I am “old school.” I am suspicious of all this technology coming in and taking the place of humans.
Our president, however, is very into tech and gadgets. He wants to use AI for credit decisions, risk management, and even cybersecurity. Our AML officer has climbed aboard the AI bandwagon and wants to use AI to flag potential SAR filings.
I head up customer services. The human factor is what I know, and it works well. I need somebody to ease my aching mind about all these AI services. And that “somebody” is going to be you. A lot of people in the company read your newsletter. We like your straightforward approach.
Here are our questions:
How is AI used in mortgage banking operations?
What are the risks of using AI in banks and nonbanks?