Can we trust AI to grant loans?
Area of opportunity: The potential use-cases for GenAI in the fintech space are growing all the time, according to Chris Jessup, a partner in financial regulation advisory.
Generative artificial intelligence (GenAI) is finding its way into just about every business process, and it has begun to fundamentally transform the fintech world. But how much autonomy can it be granted given the inherent lack of transparency when it comes to how it makes its decisions, such as granting loans or assessing insurance risk?
Experts say the goal is now to build consumer trust and demonstrate that the upsides of using this technology far outweigh any perceived risks, while ensuring end-to-end safety in the use of GenAI.
