The Banking Executive Magazine - April 2023 Issue

CHATGPT - Promises and Pitfalls companies are developing and using AI tools responsibly and giving users enough information about how and why certain decisions are taken. In the European Union The European Union (EU) is taking more restrictive stance on AI than United Kingdom. The European Union, which is often at the forefront when it comes to tech regulation, has proposed a ground breaking legisla- tion on AI. Known as the European AI Act, the rules will heavily restrict the use of AI in critical infrastructure, education, law enforcement, and the judicial system. The EU’s draft rules consider Chat- GPT to be a form of general-purpose AI used in high-risk applications. High-risk AI systems are defined by the commission as those that could affect people’s fundamental rights or safety. They would face measures in- cluding tough risk assessments and a requirement to stamp out discrimina- tion arising from the datasets feeding algorithms. Brussels is also planning to impose laws on AI. Germany is also planning to do so as well. The French and Irish privacy regula- tors are considering Italy approach to ban ChatGPT. Ireland is typically the most active regulator when it comes to data pri- vacy since most United States tech giants like Meta and Google have their offices there. The Irish data protection commission is following up with the Italian regu- lator to understand the basis for their action and will coordinate with all EU data protection authorities in connection to the ban. In the United States The United States (US) did not yet propose any formal rules to bring oversight to AI technology. The country’s National Institute of Sci- ence and Technology put out a na- tional framework that gives companies using, designing or de- ploying AI systems guidance on managing risks and potential harms. So far, there has been no word of any action being taken to limit ChatGPT in the US. In China ChatGPT is not available in China, nor in various countries with heavy internet censorship like North Korea, Iran and Russia. It is not officially blocked, but OpenAI doesn’t allow users in the country to sign up. Several large tech companies in China are developing alternatives. Baidu, Alibaba and JD.com , some of China’s biggest tech firms, have an- nounced plans for ChatGPT rivals. China has been keen to ensure its technology giants are developing products in line with its strict regula- tions. CHATGPT IN GCC Countries in the Gulf Cooperation Council (GCC) has seen significant growth in the technology sector over the past few years, with a particular focus on Artificial Intelligence (AI). Indeed, ChatGPT has made its mark in the Gulf countries through its abil- ity to converse in Arabic. In GCC, ChatGPT has been used in several sectors, including finance, education, and healthcare. In health- care, ChatGPT has been especially used to provide virtual counselling and answer patients’ questions. In the financial sector, it has been used to provide customer support and help users with financial planning. In the education sector, ChatGPT has been used to provide online tutoring and provide assistance to students in doing their homework. the BANKING EXECUTIVE 12 ISSUE 172 APRIL 2023