Fintech Nexus Newsletter (October 30, 2023): Biden takes on AI

AI has saturated our content streams this year. Whether it’s the latest generated image trend, a scandalous AI “hallucination” in a news feed, or an entertaining (albeit chilling) chatbot conversation – it’s likely you’ll have had some interaction with the technology on your news feed. 

For financial services, it has sparked an era of promise. Applications have leveraged AI to enhance their offerings, and as the technology’s development has continued, it’s set to be integrated even more. 

However, it has sparked concerns. Privacy and bias have proved to be legitimate issues in the development of AI-driven financial products. Left unchecked, it could have serious implications on the wider ecosystem.

It was an unregulated disaster waiting to happen. 

But, today, the Biden Administration may have avoided AI-induced chaos by issuing a sweeping executive order to manage the risks of AI. 

Addressing privacy, ethics, and workplace uncertainty, it’s the announcement many have been waiting for, setting in motion a deployment of regulatory safeguards that have been percolating in the background. 

FEATURED

Biden unveils U.S. government’s first-ever AI executive order

By Hayden Field,Lauren Feiner   

The executive order builds on voluntary commitments the White House previously secured from leading AI companies.

FROM FINTECH NEXUS

ALSO MAKING NEWS

• USA: Banks are excited about AI, but that doesn’t mean they’re using itBankers show a lot of interest in advanced AI, as well as a daunting list of challenges, according to American Banker’s innovation readiness survey.
• USA: Inside the War Between Square and Cash App at Dorsey’s BlockAs CEO of Twitter, Jack Dorsey was widely panned for his hands-off style, seen as contributing to the company’s uneven growth and slow-to-evolve culture, which paved the way for last year’s takeover by Elon Musk. Dorsey’s other public company, Block, originally known as Square, has a whole different problem: Its divisions feud so intensely they can’t agree on even minor points of cooperation.
• UK: U.K. Publishes Final Proposals for Crypto, Stablecoin RegulationThe U.K. government published its final proposed rules for crypto and stablecoins on Monday.
• USA: Banks are using real-time fraud detection for slower paymentsJP Morgan Chase and Carver Federal Savings are applying fast-acting security tools more broadly — regardless of how fast the transaction is.
• USA: The 5 ‘Junk Fees’ Joe Biden Should Ban—And Those He Shouldn’tThe problem of junk fees are real, and the FTC and CFPB should take actions to ban them. But not every fee—in particular, banking fees—are “hidden and bogus.”
• Asia: Citigroup Clinches $260 Million Asset-Backed Financing for WeLabCitigroup Inc. led a $260 million asset-backed financing for WeLab Ltd., Hong Kong’s biggest online lending platform, people familiar with the matter said.
• UK: Thought Machine cuts jobs in ‘cost reduction exercise’Banking software company Thought Machine has cut dozens of jobs in a “cost reduction exercise” potentially affecting as many as 70 staff.

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• Source: https://www.fintechnexus.com/fintech-nexus-newsletter-october-30-2023-biden-takes-on-ai/