Darryl White, the chief executive officer of Bank of Montreal, has stated that artificial intelligence agents should not be entrusted with personal banking data.
During his address at the Toronto Global Forum on Wednesday, White voiced concerns regarding the rapid advancement of AI outpacing regulations and safety measures surrounding the technology. His comments come after RBC’s CEO expressed intentions on Tuesday to potentially restrict Meta’s popular Muse AI agent from accessing customer data at his institution.
“For 25 years, we’ve adapted to an e-commerce environment, which has led some people to feel at ease,” remarked White, who leads Canada’s fourth-largest bank by total assets.
He noted that this comfort has resulted in many individuals being inclined to “input all my personal details anywhere, into any agent.”
“Do not share your banking username and password. Avoid giving out your credit card. Refrain from providing your social insurance number. Never disclose your PIN. These details are not secure,” White cautioned.
“There is still much work to be done in educating the public.”
Canada’s major banks have poured billions into artificial intelligence in recent times. In August, White proudly shared that BMO’s insurance sector is utilizing AI to make underwriting decisions in as little as 10 seconds, a stark contrast to the previous industry norm of 28 days.
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With permission from clients, AI systems like Meta’s Muse and OpenAI’s ChatGPT can link to bank accounts and credit cards to track balances and transaction records, as well as provide advice on spending patterns. Typically, human approval is necessary for making purchases.
On Tuesday, RBC’s CEO Dave McKay indicated that his bank is contemplating restricting Muse from accessing customer data.
“It’s definitely something I’m considering,” he told Bloomberg News during a television interview.
“We will not rush into a decision, but we must weigh consumer needs against the privacy and security of the system.”
Last week, the CEOs of JPMorgan Chase & Co. and Charles Schwab announced their intention to block or limit external AI agents from accessing their clients’ data.