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AI in Banking and Financial Services: Balancing the Benefits of AI With Legal and Regulatory Issues, Risks

Seizing Opportunities, Avoiding Pitfalls, and Establishing Comprehensive AI Risk Management Programs

Recording of a 90-minute premium CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, January 9, 2024

Recorded event now available

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This CLE webinar will examine the legal and regulatory issues associated with banks and financial institutions using artificial intelligence (AI) in the areas of fraud detection, customer service, and credit risk assessments. The discussion will include the latest in regulatory developments and how banks and financial institutions should approach AI adoption with a comprehensive strategy that includes addressing biases, ensuring data privacy, complying with regulations, and maintaining transparency and accountability to mitigate the risk of civil or regulatory actions.


Banks and financial institutions are quickly adopting the use of AI to streamline and optimize internal processes and to meet evolving customer demands for smarter and more convenient ways to access, spend, save, and invest money. As a result, U.S. regulators and lawmakers have been paying increased attention to--and expressing concerns about--the use of AI in the financial services industry.

The benefits of AI to financial institutions and banks are numerous. Financial services providers are employing AI for several tasks including automating data entry and analysis processes, improving decision-making about factors such as credit risk, enhancing the customer experience by providing personalized recommendations and advice, and fraud detection.

Although banks and financial services institutions using AI may benefit from increased efficiency and reduced transaction times and costs, among other benefits, they must consider potential legal and regulatory risks associated with each new instance of AI use. Regulatory requirements arising under the Bank Secrecy Act, the Dodd-Frank Wall Street Reform, the Consumer Protection Act, and the Basel III framework mandate strict compliance requirements for banks and financial institutions, including risk management, capital adequacy, and consumer protection. Thus, it is imperative for counsel advising on key decisions to fully consider the legal and regulatory implications of each new AI use case.

Listen as our authoritative panel discusses the benefits of AI for banks and financial institutions and provides strategies for managing the risks associated with an AI adoption that evolves with the technology and the ever-changing regulatory landscape.



  1. Overview: AI use cases in banks and financial services
  2. Regulatory oversight of AI and AI software implementation
    1. Banking and finance
    2. Lending
  3. Privacy and cybersecurity considerations
  4. Applicable U.S. state law considerations
  5. Actions banks and financial institutions should take now to get ready for AI and financial data privacy regulation
  6. Key takeaways


The panel will review these and other key issues:

  • How are financial services providers and banks currently using AI?
  • What are the federal regulatory developments on the use of AI in banking and financial services?
  • What are the data privacy and cybersecurity considerations with AI?
  • What should banks and financial services providers be doing now to get ready for future AI regulation in the industry?


Azel, Juan
Juan Azel

Winston & Strawn

Mr. Azel counsels and assists financial institutions and FinTech companies on the development, implementation, and...  |  Read More

Fornaris, Carl
Carl Fornaris

Partner, Co-Chair, Financial Services Practice, Co-Chair Digital Assets and Blockchain Technology Group
Winston & Strawn

Mr. Fornaris is co-chair of the Financial Services Practice and co-chair of the Digital Assets and Blockchain...  |  Read More

Grandner, Ana Lisa
Ana Liza Grandner

Chief Payments Officer
The First Bank of the Lake

Ms. Grandner is a financial professional with a career of innovation in Fintech, Banking as a Service, Wealth and...  |  Read More

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