Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Canadian banks are racing to adopt AI, but hurdles remain
– moneysense.ca
Banks are looking to ramp up artificial intelligence use for millions of customers, but executives say hurdles abound and checks need to be built in. At the Canada Fintech Forum on Tuesday, banking and tech leaders said financial institutions have yet to weave AI through a majority of their systems, such as apps and data storage, even as the industry blazes a trail in machine learning adoption.
Michael Pelosi, the country manager for Canada at Toronto-based AI company Cohere, called it a “misconception” that an AI model smoothly doling out financial advice in a controlled test environment can do likewise for millions of clients. “The hard truth that a lot of banks are seeing now is, doing things in small batches … is very, very different—as a lot of the folks on the panel today can attest—than going into production,” Pelosi told several hundred conference attendees, pointing to cost as a particular challenge.
He offered the analogy of staying in an oversized vacation property—fine for a short stint, but not at length or scale…
