A forklift drives among washing machines stocked in a warehouse of BSH Electromenager in Tournan en Brie, southeast of Paris, France, October 26, 2017. REUTERS/Gonzalo Fuentes
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Replacing bank and insurance workers with machines risks creating a dependency on outside technology companies beyond the reach of regulators, the global Financial Stability Board (FSB) said Wednesday.The FSB, which coordinates financial regulation across the Group of 20 Economies (G20), said in its first report on artificial intelligence (AI) and machine learning that the risks they pose need monitoring.There are no international regulatory standards for AI and machine learning, but the FSB left open whether new rules are needed.While AI shows substantial promise if risks are properly managed, it could create too much dependency among banks and insurers on the few specialist businesses that provide AI technology.The FSB acknowledged that AI is helping the financial sector to cut costs, improve profitability and widen choice for customers, but added that it also raises concerns over privacy of data used in AI applications.
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