Data quality and staff skills are greatest AI challenges – benchmark respondents
Privacy and algorithmic fairness are also concerns
Central banks adopting artificial intelligence (AI) and machine learning (ML) techniques face a number of challenges, including addressing data-quality issues and staffing skills.
Officials from 17 central banks answered questions on their greatest concerns associated with the use of AI/ML tools in the Fintech Benchmarks 2022.
Data quality and acquiring relevant skills were voted as the biggest issues by 76% and 71% of central banks, respectively. Privacy (41%) and algorithmic fairness (35%)
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Fintech
Why fear, paranoia and distrust swirl around CBDCs
Populists and conspiracy theorists are exacerbating public concern about retail CBDCs. What can central banks do about it?
Fintech Benchmarks 2023 – presentation
Specialist Joasia E. Popowicz discusses CBDCs, cyber security, AI/ML in regtech, suptech and cloud computing
Towards legal CBDCs
Officials at the Bank of Thailand and Bank of Jamaica on how their CBDC design choices interact with the law
Fintech Benchmarks 2023 – executive summary
Most central banks continue work on CBDC, while payments innovation again tops research agenda
Fintech Benchmarks 2023 report – the future of money
Most central banks continue work on CBDC, while payments innovation again tops research agenda
EME fintech teams have wider mandates
Few chief fintech officers recruited by central banks
Regulating fintech is biggest tech challenge, central banks say
Benefits include financial inclusion, cost reduction and service efficiency
Central banks split on machine learning, AI technologies
Respondents optimise features despite drags in data quality, skills gap and algorithmic challenges