Artificial Intelligence in the Consumer Financial Services Industry
Financial services providers are increasingly using artificial intelligence and machine learning technologies to gain insights from vast data sets on consumer behaviors and preferences. These technologies are being used across the product lifecycle – to improve marketing capabilities, enhance underwriting, enrich customer service interactions, and improve collections performance. But the promise of this technology comes with a host of legal uncertainties and risks.
Defining artificial intelligence (AI) and machine learning.
Examining applications of AI to marketing, underwriting, servicing, and collections.
Compliance issues with the use of AI, including managing fair lending and discrimination risks, delivering adverse action notices, handling of data sharing and data security risks, and more.