The US House Committee on Financial Services has unveiled plans to create task forces, which will focus on fintech and artificial intelligence (AI) in the financial services sector.
The task force on fintech will look into domestic and international perspectives and use of alternative data for loan underwriting.
Besides, the body will review data privacy challenges.
Infrastructure and legal and regulatory framework for payments will also be assessed by the task force.
“As we explore the future of financial services, this bipartisan task force will give us the opportunity to educate Congress on the opportunities and challenges posed by these technologies and what we can do to produce the best outcomes for consumers,” Lynch noted.
The AI task force will evaluate applications of machine learning in financial services and regulation, algorithms and big data.
In your opinion, what presents the biggest operational challenge for FS providers in the COVID-19 crisis?
- Switching to large scale homeworking (51%, 162 Votes)
- Retraining the staff (32%, 102 Votes)
- Changing operating hours of branches and call centres (17%, 54 Votes)
Total Voters: 318
It will assess how AI can be used in digital identification and fighting fraud.
At the same time, the AI task force will assess automation’s effect on financial services jobs.
The fintech and AI task forces will be chaired by Stephen Lynch and Bill Foster, respectively.
Foster said: AI has the potential to help break down barriers and make it easier for entrepreneurs, aspiring homeowners, and consumers to interact with banks and utilise financial services, but it is crucial that the application of AI to financial services contributes to an economy that is fair for all Americans.
“I’m looking forward to working with my colleagues to better understand how we can utilise AI to maintain the competitiveness of our nation’s financial services sector and how it translates into building a financial system that works for everyone.”