In an exclusive interview, our Commercial Director discussed the impact of Artificial Intelligence on the financial industry and the pressing need for regulation. Learn more.
In an exclusive interview, Diego San Esteban, our Commercial Director, shared his perspective on the challenges and opportunities brought by artificial intelligence (AI) in the financial sector, while addressing crucial issues related to data security and regulation.
According to San Esteban, AI has proven to be a powerful tool for enhancing operational efficiency, especially in Latin America. However, the growing use of this technology has also presented significant challenges concerning information security. He warns about the lack of adherence to basic cybersecurity principles among some providers, which jeopardizes data protection, particularly in a region where regulations are still evolving.
Uneven Regulation: Europe, the U.S., and Latin America
The interview also explores the disparities in AI and data protection regulations across regions. While Europe has strict laws focused on personal data protection and the development of ethical algorithms, regulations in the U.S. and Latin America are more lenient. San Esteban suggests that Latin America should work toward creating a regional framework to unify rules and promote more robust regulation tailored to local realities.
Controlling AI and Ethical Challenges
San Esteban emphasizes the importance of proper AI oversight, especially in sensitive areas such as the financial sector. He highlights the need for regulations to prevent AI misuse, avoiding the creation of biased models, such as those that could emerge in banking risk assessments. The executive also notes that while European regulation is stringent, excessive control may stifle innovation, prompting companies to seek alternatives outside the region.
Continuous Training and Responsible Innovation
Beyond regulatory and security concerns, San Esteban underscores the importance of continuous training for companies seeking to implement AI effectively. He states that technology is only valuable if employees know how to use it correctly, and many still fail to leverage its full potential. When strategically applied, AI can enhance customer experiences, but it is essential to adopt a responsible and supervised approach to ensure its benefits are realized without compromising ethics or security.
Check out the full interview to learn more about the role of AI in the financial industry.
