A thorough process for approving experiments with artificial intelligence, clear philosophical principles and diverse human involvement are some of the ways BofA says it's working to ensure AI does no harm.
The bank has been deploying artificial intelligence in every business line, conducting research to find out what consumers think about the technology, and holding a roundtable with experts to define "responsible" AI.
Credit decisions were a natural place to start with artificial intelligence, but now banks and credit unions are taking the technology to all parts of their businesses.
Blooma has developed a software product that combs databases to create property profiles for commercial real estate lenders. It can drastically cut origination costs and approval times and help banks identify safer loans, the company says.
Capacity, formerly Jane.ai, originally designed its chatbot to answer consumers' questions, but when employees started using it, that gave the startup an idea for a new business line.
To teach its automated advice platform how to help advisers communicate with clients, the company has sought to develop a bank of knowledge about psychology and other expertise beyond traditional wealth management.
