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Experian is now offering a free credit rating through the CreditMatcher service. In just a few minutes you can check whether you are accepted without affecting your creditworthiness. How do we learn about artificial intelligence in financial services? Lael Brainard, Gouverneur de la Réserve fédérale, à FinTech And The New Financial Landscape, Philadelphie, Pennsylvanie (États-Unis)

Today my main emphasis is on the field of AI, so-called mechanical education, which is the foundation for many current advancements and business use. Much less structural interpretation of semantic information than traditional methods in which the programmer prescribes ex-ante rules for decision making.

No wonder, then, that many providers of finance spend so much cash, so much effort and so much effort on the development and application of AI solutions. "Firstly, companies can see a better forecasting ability with AI than with more traditionally based methods - for example in the improvement of asset performances or the expansion of credit acces. After all, AI methods are better than standard methods to capture very large and less textured datasets and process them more efficient and effective.

Certain aspects of automatic learner training can be "let loose" on datasets in order to be able to recognise models or make forecasts without having to define a formal exante functionalisation. Four areas in which the CI could have an effect on the bank's business were identified by the Financial Stability Board. First, customer-oriented applications could merge extended retail datasets with new credit assessment or pricing assurance algorithmologies.

Also, chatsbots could offer help and even pecuniary guidance to help users save the wait times for a chat with a real life carrier. Secondly, there is scope for bolstering back-office business, such as sophisticated approaches to optimising equity, managing modelling risks, performing stressed tests and analysing the effects of markets. Lastly, there is likely to be progress in banks' regulatory adherence and reduction of risks.

These new AI applications' broad range and performance capabilities necessarily give rise to issues of possible risk to the security and solidity of banks, consumers or the wider world. As regards the provision of services to banks, a few generally accepted legislations, rules, guidelines and prudential frameworks appear to be particularly pertinent to the use of AI tool.

Firstly, the Federal Reserve's Guidance on Modelling Risk Mangement ( "SR Letter 11-7") emphasizes the importance of incorporating crucial analyses into the design, deployment, and use of modelling that involves sophisticated algorithmic approaches such as AI.14 It also emphasizes the "effective challenge" of modelling by a "second pair of eyes" - impartial, skilled persons who are separate from the design, deployment, and use of the modelling.

Similarly, when assessing modelling risks, our own auditors usually begin with an assessment of the process companies have in designing and validating modelling, as well as the reaction to any deficiencies in a modelling or the capacity to validate it. Banking may use such schemes, but the guide emphasises the importance of using other instruments to help reduce or eliminate an inexplicable or obscure scheme.

Secondly, our Guide to Supplier Venture Riskmanagement (SR 13-19/CA 13-21), along with the Guide to Supervisors of Technological Vendors, emphasizes ideas that companies should consider when outsourceding-and that can be anticipated to include AI-based third-party tooling or capabilities. Irrespective of whether these are chat bots, anti-money laundering/know-how for your customers or new credit rating utilities, it seems likely that they will be classed as banking related offerings.

Thirdly, it is important to emphasise that the guidelines should be seen in the light of the comparative risks and the importance of each particular application. For a long time, we have followed a risk-oriented regulatory framework - the audit should reflect the degree of exposure to risks arising from the applied framework, instrument, template or processes.

In view of the large amounts of information generated by most CI approaches, it is important to have control over the various elements of the information, as well as information integrity and aptitude. Accordingly, we require companies to implement sound analytics and careful riskmanagement and controlling on AI instruments, as they do in other areas, and to track possible changes and on-going development.

Through access to records of consumer personal information and the use of open sourced AIs, a Phisher may be able to send high volume e-mails to millions at relatively low costs, containing personalised information such as accounts number and logos and previous transaction history. In cases like this, where large datasets and AI utilities can be used for malicious purpose, the AI may be the best instrument to combat AI.

It is not unusual in the financial services industry for there to be a question as to what kind of view a financial institution should have of its sellers' model, as both managing and protecting protected information are balanced. An area where exposures may be particularly high is the consumers' area in general and credit in particular, where openness is an essential part of preventing discriminatory and other dishonest results and complying with reporting requirements.

Accessing service through innovation can be an effective way to promote economic integration. For example, consider the valuation of credit to customers. Long-standing and well docu-mented concern has been that many creditors are encumbered by significant mistakes in their credit statements, that there is a shortage of credit information necessary for evaluation, or that they have credit statements that are not scorable.

As mentioned above, banking and other finance institutions use AIs to create credit score schemes that take into consideration issues beyond the normal key performance indicators. Interest in the potentials for these new schemes to enable more marginal users of the existing credit system to enhance their creditworthiness at potentially lower costs is high.

AI also has the capacity, as mentioned above, to enable lenders to better shape modelling and pricing risks and to make faster choices. It is important that the Equal Credit Opportunity Act (ECOA) and the Fair Credit Reporting Act (FCRA) require the creditor to inform about the elements that play a role in taking action that is detrimental or unfavourable to the consumers.

Those standards help to create openness in the subscription procedure, encourage equitable credit by asking the creditor to state why he has made his decision, and give useful information to the consumer to help him enhance his creditworthiness. The opaqueness of some AI tool may, however, make it difficult to tell credit choices to the consumer, which would make it more difficult for the consumer to enhance their creditworthiness by modifying their behaviour.

In response, the AI communities are making significant progress in the development of "explainable" AI products, focusing on increasing consumers' credit accessibility. Welcome the debate on which use cases banking and other finance companies are investigating with AI and other innovation and how our current legislation, regulation, guidance and political interests may overlap with these new uses.

When considering all types of innovative finance, our mission is to create an enviroment in which social, accountable and profitable innovations can advance with appropriate de-risking and in compliance with current laws and regulation. While we are advancing research into the political and regulative questions related to AI, we look forward to working with a wide range of stakeholder groups.

Those comments are my own opinions, not necessarily those of the Federal Reserve Board or the Federal Open Market Committee. The Executive Office of the President, Oktober 2016) ; et American Bankers Association, "Understanding Artificial Intelligence" (Washington : American Bankers Association, novembre 2018), The Executive Office of the President, Oktober 2016) ; et American Bankers Association, "Understanding Artificial Intelligence" (Washington : American Bankers Association, novembre 2018), The Executive Office of the President, Oktober 2016) ; et American Bankers Association, "Understanding Artificial Intelligence" (Washington : American Bankers Association, novembre 2018), The Executive Office of the President, Oktober 2016) ; et American Bankers Association, "Understanding Artificial Intelligence" (Washington : American Bankers Associaty

President's Office, Preparation for the Future of Artificial Intelligence; and Financial Stability Board, Artificial Intelligence and Machine Learning in Financial Services (PDF) (Basel: Financial Stability Board, 1 November 2017). See e.g. Lael Brainard, "Where do Fintech's stacks work? "At the FinTech Risks and Opportunities Conference, Ann Arbor, MI, November 16, 2017.

President's Bureau, Prepare for the Future of Artificial Intelligence. CI instruments should also be useful for CBs and NRAs in their responsibility for oversight, fiscal stewardship and monetar y policies, although this is not discussed here. Report 2017 of the FSB clarified the possible use of CI instruments by CBs and supervisors for purposes that range from systematic hazard detection to the detection of frauds and machine learning.

View Financial Stability Board, Artificial Intelligence and Machine Learning. "and American Bankers Association, "Understanding Artificial Intelligence. "See he z.B. Financial Stability Board, Artificial Intelligence and Machine Learning and National Consumers Law Center (im Namen seiner Kunden mit niedrigem Einkommen), California Reinvestment Coalition Consumer Action, Consumer Union, Association of Consumer Advocates, Etats-Unis.

PIRG, Woodstock Institute, World Privacy Forum, "Comments in response to requests for information on the use of alternative data and modeling techniques in the credit process", CFPB-2017-0005 (May 19, 2017); U.S. Department of the Treasury, A Financial System That Creates Economic Opportunities; and Carol A. Evans, "Keeping Fintech Fair:

Reflecting Kreditvergabe und UDAP-Risiken nachdenken", Consumer Compliance Outlook (zweite Ausgabe 2017), Lawrence Brainard, "Where do banking institutions go in the Finnish stack? President's Bureau, Prepare for the Future of Artificial Intelligence. U.S. Department of the Treasury, A financial system that provides economic opportunities. Governors of Governors des Federal Reserve System, "Guidance on Model Risk Management", Supervision and Regulation Letter SR Letter 11-7 (4. avril 2011).

See he z.B. FFIEC Outsourcing Technology Services Booklet (Juni 2004) und Board of Governors, "Guidance on Managing Outsourcing Risks", Supervision and Regulation Letter SR 13-19/Consumer Affairs Letter CA 13-21 (December 5, 2013). Governing Board, "Risk-oriented safety and reliability audits and inspections", Supervision and regulatory letter SR 96-14 (24 May 1996).

The Bureau of Consumers Financial Protection, in a call for comments in 2017, noted that other modelling technologies can provide advantages to consumers, such as better credit availability, improved credit rating forecasts, lower cost and better services and comfort, but also lower risk to consumers, such as privacy concern, problems with information integrity, lack of error correction capability and discriminatory behaviour.

Referenz Siehe Bureau of Consumer Financial Protection, "Request for Information Regarding regarding regarding Use of Alternative Data and Modeling Techniques in the Credit Process (PDF)", (Washington : Bureau of Consumer Financial Protection, 14. Februar 2017), 20. Seehe z.B. Lael Brainard, "FinTech and the Search for Full Stack Financial Inclusion", (Rede auf der Konferenz über FinTech, Financial Inclusion, and the Potential to Transform Financial Services bei der Federal Reserve Bank of Boston, Boston, 17. Oktober 2018).

In FTC Study, "In FTC Study, Five Percent of Consumers Had Errors on Their Credit Reports That Could Result in Less Günstige Terms für Loans," Pressemitteilung, (11. février 2013) ; Federal Trade Commission, "FTC Issues Follow-Up Study on Credit Report Accuracy," Pressemitteilung, (21. janvier 2015) ; et Bureau of Consumer Financial Protection, Data Point :

Invisibles du crédit (PDF) (Washington : Bureau of Consumer Financial Protection, mai 2015). Key laws for equitable credit are the Equal Credit Opportunity Act (ECOA) and the FHA. See also Lael Brainard, "Where do customers go in the Fintech stack? "At the FinTech Risks and Opportunities Conference, Ann Arbor, MI, November 16, 2017.

U.S. Department of the Treasury, "Opportunities and challenges in Online Marketplace Lending (PDF)" (Washington : U.S. Department of the Treasury, mai 2016). See he z.B. Nanette Byrnes, "An AI-Fuelled Credit Formel might Help You Get a Loan", MIT Technology Review (14. février 2017),

"and Lael Brainard, "The Opportunities and Challenges of Fintech" (Speech at the Conference on Financial Innovation, Board of Governors, Washington, 2 December 2016).

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