Artificial intelligence is giving finance a boost — through robo advising, its ability to improve fraud detection and claims processing, and more.
Despite the upsides, there are risks and public policy challenges that must be considered, said Gary Gensler, chair of the Securities and Exchange Commission and a former professor at MIT Sloan.
“I think that we’re living in a truly transformational time,” said Gensler, who spoke at the recent AI Policy Forum summit at MIT. Artificial intelligence is “every bit as transformational as the internet,” especially when it comes to predictive data analytics, “but it comes with some risks.”
During the conversation, Gensler shared his thoughts on how artificial intelligence is changing finance. Here are four of his takeaways:
AI in finance is especially complex
Having solid predictive models is crucial in AI, whether it’s in social media or in driverless cars. The difference with finance is that “the robustness of the network itself” matters just as much as the model.
Continue reading: https://mitsloan.mit.edu/ideas-made-to-matter/secs-gary-gensler-how-artificial-intelligence-changing-finance
Despite the upsides, there are risks and public policy challenges that must be considered, said Gary Gensler, chair of the Securities and Exchange Commission and a former professor at MIT Sloan.
“I think that we’re living in a truly transformational time,” said Gensler, who spoke at the recent AI Policy Forum summit at MIT. Artificial intelligence is “every bit as transformational as the internet,” especially when it comes to predictive data analytics, “but it comes with some risks.”
During the conversation, Gensler shared his thoughts on how artificial intelligence is changing finance. Here are four of his takeaways:
AI in finance is especially complex
Having solid predictive models is crucial in AI, whether it’s in social media or in driverless cars. The difference with finance is that “the robustness of the network itself” matters just as much as the model.
Continue reading: https://mitsloan.mit.edu/ideas-made-to-matter/secs-gary-gensler-how-artificial-intelligence-changing-finance
