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Banking on AI: Turning challenges into opportunities

Banking on AI: Turning challenges into opportunities

Exploring the crucial role that AI and machine learning will play in the evolution of Canada’s banking sector

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doron telem

National Leader, Risk Consulting, Chair of KPMG Lighthouse in Canada

KPMG in Canada

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Banking on AI

As the AI landscape develops within the financial services industry, challenges (and opportunities) for banks are coming into focus. While there are various types of intelligent automation ranging in complexity and risk level, banks need to focus on balancing innovation with trust as they explore the AI solutions that are right for them and their customers. AI brings to light several key considerations for banks:

  • Fairness
  • Transparency
  • Explainability
  • Legal and reputational risk
  • Operational risk

KPMG can help your organization gain control of AI to understand the benefits and embrace the opportunities it can bring to the workplace, such as earlier fraud identification, money laundering prevention, company insolvency prediction, and talent retention.

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