EU rules stressing human oversight could hamper AI tools of the future
Regulators are beginning to teach robots who’s boss. After spending billions of dollars on cutting-edge artificial intelligence (AI) technologies, Europe’s banks and insurers face tougher scrutiny of the tools they use to help root out fraud, check borrowers’ creditworthiness and automate claims decisions. EU rules starting this week will stress human oversight and consumer protection, which may hamper companies trying to build the tools of the future. "Companies developing AI technologies will have to consider and embed the data protection issues into the design process," David Martin, senior legal officer at consumer advocate BEUC, said in an interview. "It’s not something where they can just tick a box at the end." The rules could present an obstacle to coders looking to design ever more sophisticated algorithms. That may handicap EU firms that are competing with rivals in the US and Asia to develop new technologies, according to Nick Wallace, a Brussels-based senior policy analy...
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