AI might be of importance in the financial services industry, but it doesn’t seem to be top of mind for the two presidential candidates.  

During the presidential campaign, Democrat Kamala Harris mentioned AI four times while Republican Donald Trump mentioned the tech eight times, the report stated.

Considering the candidates on Election Day today, the two candidates and their administrations will likely have differing approaches to regulating AI tech and its use in financial services, Peter Dugas, executive director at technology management and consulting firm Capco, told Bank Automation News today. 

“For the Harris administration, we wouldn’t likely see many changes from the current approach from the Biden administration,” Dugas said. 

On Oct. 30, 2023, President Joe Biden signed an executive order that urged AI innovators and tech companies to develop technology that is fair, transparent, fosters healthy competition and helps workers access AI training. Harris would likely keep that general approach. 

Regulation 

Harris: If Harris wins, her administration is likely to take a more “hands-on approach,” asking AI companies to build a fairer, transparent and open AI structure, Dugas said. 

Trump: In a Trump administration, government agencies like the Consumer Financial Protection Bureau and the Securities and Exchange Commission are likely to be asked to take a more “hands-off approach,” and the marketplace will have more say in deciding on how to use and implement AI tech, Dugas said. 

AI in financial services 

Harris: A Harris administration might be stricter on implementing AI in banking, due to its explainability and transparency criteria, Dugas said. 

Trump: A Trump administration might allow the private sector — especially the banking sector — to test AI systems, processes and algorithms that would increase the number of transactions performed in that part of the banking world, Dugas said. 

The candidates share some common ground on AI, Dugas said. 

“Both have raised concerns, regarding China specifically, especially when it comes to transmission of potential technologies that would help the Chinese government, especially the military apparatuses there,” Dugas said. 

Although the adoption of AI is growing fast, no comprehensive AI regulation is expected from either candidate during their four-year term, Dugas said. 

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