Fed’s Barr Sees Banks Pushed to Adopt AI Faster by Fintech Firms

US Federal Reserve Governor Michael Barr said bank regulators will have to adjust their guardrails as competition from fintech companies pushes lenders toward greater use of artificial intelligence.

“That’s not a zero-sum game,” Barr said in prepared remarks for a fintech conference hosted on Friday by the San Francisco Fed. “It’s an opportunity for all stakeholders — banks, fintechs, regulators and consumer — to help to set the foundation for the benefits of the technology to be achieved and the risks to be effectively managed.”

Michael Barr

Photographer: Al Drago/Bloomberg

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