On Thursday, November 7, Banking Exchange welcomed leading banking executives from some of the largest and most powerful banks in the country, as well as key community banks, to the University of Chicago for a day of intense discussions and panels.

One of the key speakers was John Baird, Founder of Vouched and thought leader on AI, fraud prevention, and issues surrounding banks of all sizes. His talk focused in particular on the emerging issues surrounding AI and Fraud in the banking industry.

“As AI leads to increasingly sophisticated fraud attacks, legacy KYC tools are becoming obsolete. It's imperative for banks to adopt new AI security and identity tools to protect themselves and serve their customers. Only AI can manage AI”,  he told the room at the Chicago Booth Business School’s Gleacher Center.

The conversation throughout the day also centered around data sharing: the positives and the challenges. Baird’s talk was no exception. He stated,  “Increased data sharing between banks and FIs, and collaboration with government regulators is needed to better protect our financial system and the customers they serve.” His sentiments were similar to those of SAS’s Stu Bradley earlier that morning. Vouched has helped banks open millions of deposit accounts through identity verification, and approve more than $10 billion in loans.

Later, banking executives from banks such as BMO joined Baird on a panel that dug even deeper into issues addressed by his presentation.