Fintechs weigh in on the White House's executive order on AI

As featured in American Banker:

As experts across the fintech industry closely monitor the ripple effects of the White House's executive order on artificial intelligence, leaders remain confident in their firms' abilities to adapt to changes in an already highly regulated environment.

Ed Maslaveckas, co-founder and CEO of the London-based open-banking and data intelligence firm Bud Financial, said agencies in the U.K. are better positioned to create guidelines for the use of AI in financial services by examining real-life applications.

"I'm glad that people are taking this really seriously, and that we've seen all the activity happening in the U.S., U.K. and Europe as the main concern was we would let the world run rampant for years, and then when something bad happened, we'd draft regulation. … I think we're moving in a positive direction, but outcomes" produced by the models in question are the No. 1 thing, Maslaveckas said.