The U.S. Treasury Department announced Thursday that it is seeking public input on the use of artificial intelligence in the financial services sector.
The application of artificial intelligence in the financial services industry is a topic on which the U.S. Treasury Department announced Thursday it is seeking public feedback.
The organization wants to gain a better understanding of the opportunities and dangers that come with the advancement and use of AI in the industry, as regulators warn that its rapid adoption could pose new dangers to the U.S. financial system if it is not adequately regulated.
While the use of AI in finance has the potential to reduce transaction costs, it also carries “significant risks,” according to excerpts of a speech U.S. Treasury Secretary Janet Yellen is scheduled to deliver to the Financial Stability Oversight Council and the Brookings Institution's AI conference on Thursday.
The Treasury Department said it is seeking feedback from a wide range of stakeholders and is particularly interested in how advances in AI can support equal and more accessible access to financial services.
The agency is asking the public to provide feedback within 60 days.
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