Bank of Montreal’s CEO, Darryl White, has raised concerns about entrusting personal banking details to artificial intelligence (AI) agents. Speaking at the Toronto Global Forum, White emphasized the rapid advancement of AI technology outpacing regulatory safeguards. His remarks echo recent statements from RBC’s CEO regarding potential restrictions on Meta’s Muse AI agent accessing client data.
White, heading Canada’s fourth-largest bank by total assets, highlighted the societal shift towards freely sharing personal information online without adequate protection. He urged individuals to avoid disclosing sensitive data such as banking credentials, credit card information, social insurance numbers, and PINs, emphasizing the need for better public awareness.
Canada’s major banks have heavily invested in AI technology in recent years. White proudly mentioned BMO’s insurance division employing AI for swift underwriting decisions, reducing the process from 28 days to just 10 seconds. Meanwhile, concerns over AI data access have prompted discussions among industry leaders, with some institutions already taking steps to limit external AI agents’ access to client information.
The growing trend of AI integration in banking includes AI agents like Meta’s Muse and OpenAI’s ChatGPT, authorized to monitor account activities and offer financial advice with user consent. Despite the convenience, banks are increasingly cautious about data privacy and security, with RBC considering restricting Muse’s access to client information. Reflecting this stance, industry giants like JPMorgan Chase & Co. and Charles Schwab have already restricted external AI access to safeguard client data.