Although it is still early days, it is already evident that the application of artificial intelligence (AI) in financial services is potentially quite important and merits our attention. Through our Fintech working group, we are working across the Federal Reserve System to take a deliberate approach to understanding the potential implications of AI for financial services, particularly as they relate to our responsibilities. In light of the potential importance of AI, we are seeking to learn from industry, banks, consumer advocates, researchers, and others, including through today's conference. I am pleased to take part in this timely discussion of how technology is changing the financial landscape.
The Growing Use of Artificial Intelligence in Financial Services
My focus today is the branch of artificial intelligence known as machine learning, which is the basis of many recent advances and commercial applications.