(Toronto) BMO Financial Group announced the appointment of Kristin Milchanowski to the newly created role of Head of Artificial Intelligence and Data.
The bank said Kristin Milchanowski will oversee several areas, including artificial intelligence (AI), data, analytics and robotics strategies, as well as data management and governance across the bank. organization.
Chief Technology Officer Steve Tennyson said in a statement that Kristin Milchanowski will look to use AI to differentiate BMO’s digital offerings from those of its competitors.
BMO highlighted Kristin Milchanowski as a global innovation partner focused on AI, supercomputing and quantum technologies at EY. She is also an Associate Fellow in Artificial Intelligence at the University of Oxford.
The Bank of Canada said the financial sector has invested in AI to improve customer service, strengthen compliance and risk management, and better assess credit and liquidity risks.
However, the central bank warned that this trend could lead to operational risks, notably due to reliance on a few third-party service providers and potential hallucinations and biases from predictive AI.