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Post: Q&A: How Discover Financial Services created an AI governance council



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The financial services industry has gone through an upheaval over the past several years with “open banking,” where customers control their financial data, has replaced the traditional model. That change has forced the industry to accelerate the adoption of digital technology.

At the same time, customer data remains at the epicenter of the financial services industry, so the need to protect, store, and leverage it is gaining importance. Along with big data and advanced analytics, artificial intelligence is the new frontier in financial services’ quest to stay competitive while also protecting sensitive data.

AI can be used in financial services for demand and revenue forecasting, anomaly and error detection, decision support, cash collections, and a myriad of other use cases.

Financial services is also among the most regulated of all markets, so while it may have the resources to deploy the latest tech to create better products and services, as well as increase efficiencies, risk is always a concern.

Discover Financial Services has been slowly exploring AI to create efficiencies in its processes, such as summarizing customer service iterations and fraud detection.

raghu kulkarni op1Raghu Kulkarni

Raghu Kulkarni

Raghu Kulkarni is senior vice president and chief data science officer for Discover Financial Services, and one of the first things he did before rolling out the first large lanaguage model (LLM) at the firm was to create an AI governance council to ensure repeatable processes and safeguards.

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