Bank of Montreal CEO Darryl White has raised concerns about entrusting personal banking details to artificial intelligence (AI) agents. At the Toronto Global Forum, White highlighted the rapid advancement of AI technology compared to regulations and safeguards, echoing recent statements from RBC’s CEO regarding potential restrictions on Meta’s popular Muse AI agent access to client data.
White emphasized the need for caution in the digital age, cautioning against freely sharing sensitive information like banking credentials, credit card details, social insurance numbers, and PINs due to inadequate protection measures. He stressed the importance of educating individuals on these risks, noting a gap in awareness.
Major Canadian banks, including BMO, have heavily invested in AI technology in recent years. White proudly shared that BMO’s insurance division now utilizes AI for underwriting decisions in just 10 seconds, a significant improvement from the industry’s previous standard of 28 days.
AI agents like Meta’s Muse and OpenAI’s ChatGPT can assist clients with financial monitoring and offer spending advice with proper authorization. However, there are growing concerns about data privacy and security. RBC’s CEO, Dave McKay, acknowledged considering restricting Muse’s access to client information to maintain a balance between consumer needs and system safety.
Following suit, JPMorgan Chase & Co. and Charles Schwab have taken steps to block or limit external AI agents from accessing their clients’ data to ensure data protection and privacy.