Can AI Revolutionize Financial Consumer Protection?

Artificial intelligence (AI) is already transforming almost every aspect of the financial services industry. It is driving efficiencies and sparking innovation by reshaping the way financial authorities protect consumers—not just how financial service providers operate. But financial authorities need to walk a tightrope. While they need to harness the power of AI to improve consumer protection, they must also address the novel risks and challenges that AI brings, such as new forms of financial fraud, cyber threats, and data privacy concerns.  This episode explores how the Central Bank of the Philippines is embracing AI-powered "SupTech” (supervisory technology) for its chatbot named BOB to enhance financial consumer protection. We'll hear from experts at the Central Bank of the Philippines, the Cambridge SupTech Lab, and CGAP about the potential benefits and risks of this revolutionary technology.  Featured Voices:  Charina B. De Vera-Yap, Director of the Consumer Protection and Market Conduct Office (CPMCO), Regional Operations and Advocacy Sector, Bangko Sentral ng Pilipinas (BSP)    Matt Grasser, Co-Head and Tech Lead, Cambridge SupTech Lab and Principal Technologist at Cambridge Centre for Alternative Finance (CCAF)  Juan Carlos Izaguirre, Senior Financial Sector Specialist, CGAP  Eric Duflos, Senior Financial Sector Specialist and Consumer Protection Lead, CGAP      Listen and subscribe for free on your favorite platform. To learn more, visit www.cgap.org. To share feedback, connect with us at [email protected].