Financial Service Providers Should Plan for AI Roadblocks
An influx of artificial intelligence (AI) investment in the financial services space has brought forward new questions around data security and transparency. These, among other challenges of AI in financial services, are particularly essential to address as data management practices evolve with the introduction of new AI solutions. Organizations must be aware of expected challenges as described below and build safeguards to keep forward momentum.Security and Compliance
One of the main challenges of AI in financial services is the amount of data collected that contains sensitive and confidential information requires additional security measures to be implemented. The right data partner will offer a variety of security options, have strong data protection with certifications and regulations, security standards to ensure your customer data is appropriately handled. Look for data partners compliant with industry-specific or region-specific data regulations, such as SOC2 Type II, HIPAA, GDPR, and CCPA. As well as offer options such as secure data access (critical for PII and PHI), secure annotation and onsite service options, private cloud deployment, on-premise deployment, and SAML-based single sign-on.Localization
