Why We Shouldn’t Want Banks to Go All In on Artificial Intelligence

A thought provoking article by Slate.com. I hope you find it as intriguiging as I did.

Kevin Young

Banks are spending lots on A.I.—and they want to use it to manipulate you into spending more money.

Banks love to brag about how many data scientists they’re hiring and their shiny machine-learning “centers of excellence.” In the 2018 JP Morgan Chase annual report, CEO Jamie Dimon said the company had gone “all in” on artificial intelligence, adding that artificial intelligence and machine learning were “being deployed across virtually everything we do.” Not to be outdone, HSBC has opened multiple “data and innovation labs” around the world, in order to build artificial intelligence tools that can take in the bank’s more than 10 petabytes of data. CitigroupBank of America, and Capital One also boast about their artificial intelligence capabilities, particularly to their would-be investors.

Read The Rest On Slate.com