In order to build a data-based corporate culture and respond to the rapid development of artificial intelligence (AI), the Bank of Taiwan (BOT) has expanded the scale of the "Senior Executive Data Science and Artificial Intelligence Governance Lecture", inviting professional consultants and cross-industry experts to discuss topics related to data governance and AI governance. All senior executives from all management units attended the lecture to establish a consensus on data-based digital development.
The rapid growth of AI is closely related to the future development of the financial industry, but it also brings challenges. The Financial Supervisory Commission (FSC) announced the "Guidelines for the Use of Artificial Intelligence (AI) in the Financial Industry" and the Bankers Association formulated the "Operating Standards for the Use of Artificial Intelligence Technology by Financial Institutions", both of which are to ensure that the financial industry takes consumer rights into account by protecting personal privacy, securing all data, and managing risks effectively when developing and using AI technology.
BOT Chairman Joseph Jye-Cherng Lyu emphasized that the development of AI is going to bring an industrial revolution. AI will not cause bank clerks to lose their jobs because the role played by each person will begin to evolve. Generative AI must be trained using massive amounts of data, which further highlights the importance of data management issues. Only with continuous training and repeated testing, supported by sound and complete data, can we achieve good data analysis, applications, and artificial intelligence.
To this end, BOT established the "Data Science and Artificial Intelligence Governance Committee" to gradually formulate compliance policies, procedures and standards to ensure the integrity and security of data. The aim is to improve data quality and maximize its value through effective governance. However, a user-centric approach remains the most important consideration for BOT. With data science and artificial intelligence, we can develop financial services that more closely correspond to customer needs while improving the efficiency and accuracy of front-line workers and decision-makers. This will enable us to improve the overall operational efficiency and management effectiveness, which help reduce risks and create more value.
Chairman Lyu noted that today’s lecture can be considered just a kickoff. In the future, a data-based digital transformation culture will be constructed from three aspects, including training colleagues in professional skills of data analysis and artificial intelligence, constructing a common database integration platform for the whole bank, and improving the quality and usability of data to facilitate data value exploration and AI development. All of these will encourage data innovation and AI applications to enhance digital resilience, and boost the sustainable development of BOT.