Episode 15: Can we trust banks to use AI responsibly?

The Australian government is in the middle of a review of AI use, fielding submissions in response to a paper it put out in June on government mechanisms to ensure AI is developed and used safely and responsibly.   

While many of Australia’s Asian neighbours have taken a light touch approach to regulating AI, all eyes are currently on the EU, with EU governments aiming to reach agreement on the new AI Act.

Meanwhile, Australia’s big banks have asked for a carve out from any new requirements, pointing to the reams of existing regulation they are already beholden to. 

In this episode we consider the opportunities and risks AI offers banks and fintechs, and how they’re navigating these. We hear from Rob Nicholls, law professor at the University of NSW on a proposal to require banks to be more transparent in the way they’re using AI. 

We also hear from Linda Staniewicz, Chief Strategy and Marketing Officer for the Emerging Payments Association Asia on what banks need to do to make AI work ethically and commercially in their businesses.

This episode was produced by Charis Palmer and Rachel Williamson, with sound engineering by Kevin Hirshorn. Music credits to Yehezkel Raz, Rex Banner. Raz Burg

About the Author
Charis started her career in banking as head of product for Easy Street Financial Services, a fast follower to ING Direct in Australia. She went on to found Banking Review Media, the only publication dedicated to what was then the emerging online banking market. After a career leading new media startups across business, technology and global news, Charis is now the Producer of Breaking Banks Asia and Co-founder of Soundcraft Media.