Pathward’s Chief Executive Officer, Brett Pharr, spoke with Rachel Koning Beals, senior editor at BAI by ProSight (“BAI”), to discuss how artificial intelligence (“AI”) is being deployed across bank and credit unions to strengthen risk, audit, anti-money laundering and compliance departments.
With coverage from the interview originally appearing in BAI’s October Executive Report, the two discussed the use cases for deploying automation and AI in financial institutions. Pharr emphasized that AI is increasingly an essential technology financial institutions must invest in to remain competitive. With careful vetting and adoption based on an organization’s needs and governance parameters, AI can be a powerful tool to unleash faster banking capabilities and a wider range of products for modern markets.
“AI and risk considerations are very top of mind for us because—and this is part of our business, such as digital payments for partner solutions, credit partner solutions, for instance—we are advising partner banks on vendor relationships, and we have third-party relationships and beyond. So as AI spreads, banks must understand their risk exposure. But they can and should understand the full picture of AI use cases,” Pharr said during the interview with Beals.
The two also discussed how AI may be deployed in risk management, to unify bank departments, and how Pathward has evolved its use of technology from its community banking roots to its current partner banking business model.
Read Beals’ complete article from the interview on ProSight.
