Public feedback on AI use in the financial services industry is requested by US Treasury

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Public feedback on AI use in the financial services industry is requested by US Treasury
Public feedback on AI use in the financial services industry is requested by US Treasury

The U.S. Treasury Department declared on Thursday that it is seeking public input on the use of artificial intelligence in the financial services sector.

The application of artificial intelligence in the financial services industry is a topic that the U.S. Treasury Department announced on Thursday that it is looking for public feedback on.

The organization wants to gain a better grasp of the opportunities and hazards associated with the advancement and use of AI in the industry. Regulators have issued a warning, stating that if AI is not sufficiently regulated, its quick adoption may introduce new hazards to the US financial system.

Excerpts from an address that U.S. Treasury Secretary Janet Yellen is scheduled to give at a Financial Stability Oversight Council and Brookings Institution AI conference on Thursday indicate that while using AI in finance could reduce transaction costs, it also carries “significant risks.”

According to the Treasury, it is looking for feedback from a wide range of stakeholders and is especially curious about how AI advancements might support equal and accessible access to financial services.

The public is being urged by the agency to provide feedback within a sixty-day period.

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