BMO to benchmark AI accuracy against human accuracy

BMO aims to score AI on the same benchmark as humans to understand its impact. The bank forecasts $1 billion in AI value by 2030, Chief AI and Quantum Officer Kristin Milchanowski said at Evident AI Symposium on Oct. 22. “We started with what our business goals are and then backed up [from there],” she said, adding that BMO is tracking the effect AI has on its operations to quantify gains. [caption id="attachment_57374537" align="alignright" width="306"] Courtesy/Bloomberg[/caption] The Montreal-based bank started with measuring human output and quality before measuring AI’s effect, she said. The bank was able to reduce underwriting process from seven days to four with AI, but concerns around accuracy persisted, Milchanowski said. “But the human's not perfect either,” she said. Humans are only accurate about 80% of the time and if AI can make that number better, it’s worth the investment, she said. Milchanowski said the bank is not after perfection but rather reducing the number of errors and speeding up the process. “If we're able to prove to regulators that our autonomous agents are doing better than what the human screwups are, then we're doing pretty good,” she said. By benchmarking AI output to human output, the bank is able to accurately measure an AI tool’s impact, she said, adding that this year, the bank is on track to save $75 million through AI use. Register here for early-bird pricing for the FinAi Banking Summit, taking place March 1-2 in Denver. View the full event agenda here .

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BMO to benchmark AI accuracy against human accuracy

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