• Bank of America struggled with adopting Nvidia's AI software, internal emails showed.
  • Its challenges with Nvidia AI Factory highlight difficulties for regulated industries like banking.
  • AI deployment hurdles are common across sectors, experts say.
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[–] 74 points 6 months ago (4 children)

What the fuck is a bank trying to do with AI that existing statistical models and if statements don't already solve?

Who bears the consequences when the AI erroneously approves or denies someone?

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  • [–] 39 points 6 months ago (1 child)

    Who bears the consequences when the AI erroneously approves or denies someone?

    Easy: the American taxpayer.

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  • [–] 7 points 6 months ago

    Yeah, I was gonna say, that's what happened after the 2008 financial crisis... they just asked the computer who do foreclose on and it spit out hundreds of thousands of names... some of whom should not have been foreclosed. The government just let the banks say "oops, sorry, nothing we can do."

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  • [–] 21 points 6 months ago (1 child)

    What the fuck is a bank trying to do with AI that existing statistical models and if statements don't already solve?

    fire expensive experts that provide mostly true and accurate answers

    Who bears the consequences when the AI erroneously approves or denies someone?

    Taxpayers when the inevitable bailout is issued

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  • [–] 11 points 6 months ago (1 child)

    It’s BofA. They’re pretty much the definition of unethical and predatory banking.

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  • [–] 15 points 6 months ago (2 children)
  • WF is also horrid, but they at least understood what they were doing was so heinous that they tried to hide it. Definitely cognizance of guilt; shitty, but at least that implies they knew it was absolutely wrong. But BofA doesn’t even pretend to not be predatory, and does horrible things as a matter of official business policy, so I do actually think they take the cake here. They only stop doing awful shit to their customers (e.g. processing transactions in the most negatively impactful order for an account, so that they can scrape up various - and repeated! - overdraft fees) when regulatory agencies make them stop.

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  • [–] 2 points 6 months ago

    What the fuck is a bank trying to do with AI that existing statistical models and if statements don’t already solve?

    US Banks bet 100% on a Harvard debt derivitization algorithm before 2008. No one checked if it was valid.

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