Robotic Decision-Making Presents New Risks Amid Privacy Reforms
Australian Financial Review
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Details
- Date Published
- 16 Mar 2025
- Priority Score
- 3
- Australian
- Yes
- Created
- 17 Mar 2025, 07:26 pm
Description
Increasing use of “agentic AI” means banks must tread carefully to comply with regulations covering personal information.
Summary
The article examines the emerging challenges financial institutions face from the integration of agentic AI, which operates with autonomous decision-making capabilities. As banks incorporate this technology, they must navigate regulatory implications, particularly around privacy laws that now require disclosure of personal data used in automated systems. This development is crucial for updating governance frameworks to ensure compliance and protect consumer rights, highlighting the interplay between advanced AI systems and privacy reforms. The focus on regulatory adjustment signifies Australia's proactive approach in addressing potential risks associated with sophisticated AI deployment.
Body
CompaniesFinancial ServicesAIPrint articleAlexandra CainMar 18, 2025 – 5.00amSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginBanks are working through regulatory implications as a more sophisticated form of artificial intelligence, known as agentic AI, becomes part of the standard financial services tech stack.Agentic AI relies on autonomous decision-making. Mandatory disclosure of autonomous decisioning, coming in at the end of next year, means banks have to update their privacy policies to include details about the personal information used in automated decision-making systems and computer programs.Loading...SaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreAIANZ BankBig fourAFR ReportsAutomationFetching latest articlesSports stars keep shifting their watch brand allegiancesBani McSpeddenDark Emu beer with native grains at this destination breweryCrocs turn 23 years old. Time to grow up and get shoesFour women who started businesses after the age of 45Sally PattenWhat happened when Domain learnt it spent $36m a year on meetingsThe country’s highest-paid directors revealedA backyard beehive and an on-trend merino sweater to wear this winterEugenie KellyWill BMW’s Neue Klasse range be the game-changing EVs they promise?The Australian gallery that made art fun turns 20Property billionaire Nick Andrianakos dies in GreeceYolanda RedrupCannon-Brookes describes ‘deep internal conflict’ over his private jetOscar Piastri on the secret of his $41m-a year success