26 See, e.g., Nanette Byrnes, “An AI-Fueled Credit Formula Might Help You Get a Loan,” MIT Technology Review (February 14, 2017), https://www.technologyreview.com/s/603604/an-ai-fueled-credit-formula-might-help-you-geta-loan/. -12Looking Ahead Perhaps one of the most important early lessons is that not all potential consequences are knowable now--firms should be continually vigilant for new issues in the rapidly evolving area of AI.
Throughout the history of banking, new products and processes have been an area where problems can arise. Further, firms should not assume that AI approaches are less susceptible to problems because they are purported to be able to “learn” or less prone to human error. There are plenty of examples of AI approaches not functioning as expected--a reminder that things can go wrong.