Bank of Montreal’s CEO Darryl White has voiced concerns about the reliability of artificial intelligence agents when it comes to handling personal banking information.
During his address at the Toronto Global Forum on Wednesday, White highlighted his apprehension regarding the rapid advancement of AI outpacing regulatory measures and protections. His comments followed remarks made by RBC’s CEO the previous day, suggesting the possibility of preventing Meta’s well-known Muse AI agent from accessing customer data at his institution.
White, who leads the fourth-largest bank in Canada by total assets, remarked, “We’ve spent 25 years adapting to an e-commerce environment where we’ve become quite comfortable.”
He noted that this comfort has led some people to be more inclined to “enter my personal information everywhere, into any agent.”
“Avoid sharing your banking username and password. Keep your credit card details private. Do not disclose your social insurance number or PIN. These are not secure,” White cautioned.
He added, “I believe there’s much work to be done in terms of educating the public.”
Canada’s major banks have poured billions into artificial intelligence in recent years. In August, White proudly mentioned that BMO’s insurance sector is utilizing AI to make underwriting decisions in as little as 10 seconds, compared to the industry norm of 28 days.
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With appropriate client permission, AI agents such as Meta’s Muse and OpenAI’s ChatGPT can link to bank accounts and credit cards to oversee balances and transaction histories while providing insights on spending habits. Generally, human approval is needed for making purchases.
On Tuesday, RBC CEO Dave McKay mentioned that his bank is contemplating blocking Muse from accessing client data.
“It’s definitely something I’m considering,” he stated in a television interview with Bloomberg News.
“We won’t rush into a decision, but we need to find a balance between consumer needs and the privacy and security of the system.”
Last week, the CEOs of JPMorgan Chase & Co. and Charles Schwab announced that they are restricting or prohibiting external AI agents from utilizing their clients’ data.