In its latest in-depth report, Moody’s warns companies that a thorough implementation plan is vital should they want artificial intelligence (AI) to be integrated into their organisation effectively.
This applies to financial services companies too, where the pace of AI rollout represents a delicate balancing act. Integrating AI too quickly could increase the likelihood of faulty outputs while moving too slowly may compromise an FI’s competitive advantage.
Missteps can prove costly both reputationally and financially, as seen in the case of Alphabet Inc’s Gemini Assistant, which inaccurately generated images at one stage.
To mitigate the adverse effects, Moody’s says companies should first design AI models that balance ideal aims with practicality.
Of course, designing a risk-free AI model comes with multiple difficulties, because divserse criteria need to be satisfied simultaneously.
