Artificial intelligence (AI) started to grab headlines just a few years ago, but with it came a lot of concern. None other than Elon Musk, known by many as the great innovator of the last two decades, tackled the subject by sounding the alarm that AI has the potential to destroy humanity.
But Reggie Townsend, vice president of data ethics at SAS and one of the leaders on the topic of AI, approaches the topic with optimism rather than impending doom. He acknowledges the downside risks. Every technology comes with its own negative consequences. Quoting French philosopher Paul Virilio, Townsend said: “When you invent a ship, you also invent a shipwreck. When you invent an airplane, you also invent a plane crash. Every technology has its own negativity, and it is invented at the same time as the technology advances.”
But at this year's SAS Innovate conference, Townsend laid out a different vision than the usual headlines. “The most meaningful impact is our focus on expanding opportunities for everyone.” He said. “What if AI could strengthen democracy? What if it could advance medical advances?”
While Townsend acknowledges that AI poses major challenges due to its ability to defraud in many ways, he believes these risks can be overcome, or at least minimized. As his colleague Stuart Bradley explained in his Banking Exchange interview earlier this year, one of the keys Mr Townsend said was joint action by various institutions. “Data is the new oil. Refine, refine and manage its distribution. As one of my professors used to say, 'Show your work.'” Although governments are seen as less trustworthy by the general public, he believes that working with governments and businesses to positively influence regulation is a key element in unlocking the best technology. ing. AI has the ability to actually detect unhealthy biases in data models (for example, when decisions are made with inaccurate information).
Perhaps Elon Musk is right about the dangers of technological breakthroughs, but that's always been the case: we can't stop new advances in technology. As Townsend points out, the real question is whether businesses and governments will mitigate the damage or perpetuate the problem.
The key to AI for the banking industry is to harness the potential of AI to first and foremost reduce harm in areas such as fraud prevention, and ultimately enhance efficiency in areas such as data collection, while also improving the use of AI. It's about building trust in your methods.
