John Beccia, co-founder and CEO of FS Vector, joined our lawyers for a panel discussion on generative artificial intelligence (AI) in the fintech and banking industry. Fast paced growth in generative AI is changing the way we work and live. With such changes come complex issues and uncertainty. The panel addressed the legal and ethical risks, mitigation, and best practices to consider across these industries as you develop generative AI products and services or use generative AI in the operation of your business.
Additional discussion topics include:
- Current issues including, fraud monitoring, ID verification, chatbots, credit scoring, and AI banking;
- Future applications including, targeted customer service marketing, funds verification, cross-border payments, and e-commerce payment apps;
- Long-term future implications for fintechs and banks; and
- Regulatory concerns and CFPB and FDIC warnings.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
