Janet Yellen warns AI in finance poses ‘significant risks’

Treasury Secretary Janet Yellen is set to deliver a warning to bankers and tech leaders about the dual nature of artificial intelligence (AI) during a conference on financial stability.

In her speech, Yellen will acknowledge the vast rewards AI offers to the financial sector but also highlight the potential risks it poses.

She will emphasize that while AI has already been leveraged for forecasting, fraud detection, and customer service improvement, its rapid evolution could lead to even greater benefits such as cheaper and more accessible financial services.

Yellen’s remarks underscore the growing significance of AI on the agendas of financial regulators, CNN has reported.

read more: https://www.cnn.com/2024/06/05/business/janet-yellen-artificial-intelligence/index.html

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