site.btaAI Helps Decision-Making, Not Accountability, Experts Say

Artificial Intelligence (AI) can be a decision aid in financial institutions, but the responsibility lies with the business leader. Experts agreed on this view at the Innovation Forum organized by the Bank of the Year Association on Thursday. The event is being held at the Hyatt Regency Hotel in Sofia.

Rumen Radushev, Retail Banking Sector Manager at Postbank, noted that artificial intelligence is not a giant brain that solves all problems, but rather a set of different aspects that started many years ago.

He pointed out that Postbank customers have been able to use virtual assistant services for several years. 

Radushev said chat is an alternative to reading a huge volume of information or ringing an employee through a call centre, which takes longer.

Goran Angelov, founder and managing director of IBS, pointed out that technology has only one purpose from a business perspective - to make it more efficient and increase profits, so from a banking perspective the application of artificial intelligence should be where it will achieve that goal.

Artificial intelligence works 24 hours 7 days a week, doesn't get sick and doesn't whine about a bigger paycheck, he summed up.

According to Tsvetomir Doskov, founder and CEO of Sirma Business Consulting, there are no stats on the use of AI in Bulgaria.

Alexander Nikolov, founder and CEO of AI Solutions, pointed out that if there is a negative consequence for a financial institution because of an AI solution, then the responsibility lies with the business leader.

The decisions that artificial intelligence suggests will only help business leaders because artificial intelligence is not responsible, he said.