TD report explores risks and opportunities of artificial intelligence

Read the report: Responsible AI in Financial Services

There is little doubt that artificial intelligence (AI) is among the most powerful new innovations in the market today. But what are the opportunities and risks of this technology, and how can companies adopting AI ensure it is used responsibly?

A new TD report brings together insights from a survey of Canadians and an expert roundtable to explore these questions. The report, entitled Responsible AI in Financial Services, shows that while Canadians recognize the value that AI can add to their lives and want their banks to keep pace with innovation, they're looking for a greater understanding of the technology and how it is being used.

Canadians are adopting AI, but they have concerns

The report found that the majority of Canadians (72%) are comfortable with AI if it means they will receive personalized services. But nearly the same number (68%) said they are concerned they don't understand the technology well enough to know the risks.

Expert roundtable identifies three areas of focus

The concerns of Canadians were reinforced at a recent roundtable hosted by TD in Toronto that brought together AI experts from multiple sectors, including financial services, technology, fintechs, academic and not-for-profit organizations. The participants identified the following areas of focus as financial institutions move forward with AI:

  • Explainability: Determine how AI experts and business leaders should approach the challenge of explaining how AI models arrive at conclusions.
  • Bias: Control for bias and re-examine the concepts of transparency, fairness and accountability in an AI-first world.
  • Diversity: Promote the role that diversity and inclusion should play at every level of AI adoption.

Read the report to learn more about what Canadians and AI experts had to say about responsible AI.