Source: RTÉ News

RTÉ News reports that the Financial Services Union (FSU) and the Bank of Ireland have reached an agreement on the use of artificial intelligence in banking, focusing on transparency, data protection, and fair treatment of employees. The agreement includes provisions for employee consultations on AI deployment, regular audits of AI systems, and compliance with GDPR and other data protection laws. Legal experts view this as a significant step towards regulating AI in finance, addressing risks such as algorithmic bias, data privacy breaches, and accountability for AI-driven decisions.

The article emphasizes the importance of balancing AI innovation with compliance and ethical considerations, particularly in a sector as sensitive as finance. By setting clear guidelines on AI governance, the agreement could serve as a model for other financial institutions in Ireland and the European Union. Ensuring transparency and accountability in AI applications is seen as essential to maintaining public trust in the financial system.