Krautscheid: Artificial Intelligence will change the face of banking as well
- Seize opportunities particularly in Germany, but don’t ignore concerns
- Current survey: unease about AI predominates
Artificial Intelligence (AI) is regarded as one of most promising technologies in the ongoing digital transformation. With the help of self-learning machines, huge amounts of data can be utilised in fractions of a second – both for the benefit of customers and for banks’ internal business processes. “AI is the next major step forward in our increasingly data-driven world. It will further change the face of banking as well,” said Andreas Krautscheid, the Association of German Banks’ chief executive, looking ahead to today’s “Burgstrasse Discussion: Artificial Intelligence – will machines make better bankers?” in Berlin.
At present, aspects such as the source of data, transparency of algorithms, but also economic competitiveness, are dominating the debate. The findings of a current study by the Association of German Banks show that three-quarters of Germans have heard the term “Artificial Intelligence” before. But the majority are still uneasy about AI. While 37% of respondents see the opportunities that AI delivers, 63% believe that the risks predominate.
Mr Krautscheid: “It’s important to take uneasiness about AI seriously. But, while we should bear the risks in mind, we should, above all, see the great opportunities.” For the financial industry, criteria such as consumer trust and data sovereignty were particularly important. The political will to help the new technology win greater social acceptance by adopting European standards was needed here. “We shouldn’t just let countries like China and the US leave us behind on digital competitiveness.”
For more information on the “Burgstrasse Discussion: Artificial Intelligence – will machines make better bankers?”, go to:
The current survey findings (in German only) are available at: