US Fed's Quarles: Artificial Intelligence can help banking and finance sector

The US Fed's Vice Chair for Supervision Randal Quarles spoke at an Atlanta Fed conference over the weekend, discussing his outlook on AI and its potential contributions to banking and finance.

Key highlights

AI can help make bank credit more readily available.

'Big data' analysis can assist with financial stability.

Big data can also carry systemic banking risks.

Machine learning via predictions may also contribute to massive mistakes.

The US Fed already uses machine learning tools to perform bank stress tests.