The use of Artificial Intelligence (AI) in financial institutions has allowed innovations since this technology enables the processing of large amounts of data in an efficient way, this makes it possible to make decisions for the granting of credit and the personalization of services.
However, experts indicate that given the increasingly frequent use of AI, financial institutions must prioritize the security of the information provided to these systems, since it contains important data on users’ transactions and financial products.
“The privacy dimension will continue to be an important factor, since this technology works from personal information. It has data from our financial products and how we use them,” said Óscar Novoa, Microsoft’s vice president of business productivity at C3ntro Telecom.
According to the Fintech Radar Mexico 2022, the use of AI increased 16% over the course of a year. In 2022, of the fintechs surveyed, 44% said they use it, in addition to machine learning tools, compared to 2021 when 28% of fintechs said they use them.
To guarantee the security requirements for user data, Daniel Palacios, head of consulting at the Xira technology company, pointed out that the entities that offer AI services work together with the financial ones to safeguard the information.
“Sufficient protocols must be in place to safeguard the data and avoid situations where they can be exposed on the Internet or be violated in any way, for this there are a large number of protocols that have been worked on together with several banking entities,” indicated Palacios Suárez.
A report by the consulting firm Mckinsey pointed out that between 2019 and 2022, there was no substantial progress in terms of the level of risk mitigation in which organizations are involved to reinforce digital trust. That is why for 51% of the entities that use AI this is their main concern.
Despite the fact that there are risks to the use of technologies, the use of AI in the financial sector represents a great opportunity.
