Bank of Montreal’s CEO, Darryl White, has raised concerns about the risks associated with sharing personal banking details with artificial intelligence (AI) agents. Speaking at the Toronto Global Forum, White highlighted the rapid progress of AI technology surpassing regulatory frameworks and safeguards. This comes after RBC’s CEO discussed the potential of restricting Meta’s Muse AI agent from accessing client data at his bank.

White emphasized the importance of caution in sharing sensitive information with AI agents, urging individuals to refrain from disclosing banking usernames, passwords, credit card details, social insurance numbers, and PINs, as these data points are not adequately protected. He emphasized the need for enhanced public awareness and education on this matter.

Canadian banks have heavily invested in AI technology in recent years, with BMO utilizing AI in its insurance division to expedite underwriting decisions from 28 days to just 10 seconds. White highlighted these advancements as a testament to the transformative power of AI in the financial sector.

While AI agents like Meta’s Muse and OpenAI’s ChatGPT can provide valuable insights into financial accounts with client authorization, concerns over data privacy and security have prompted discussions within the banking industry. RBC’s CEO, Dave McKay, expressed considerations about limiting Muse’s access to client information, emphasizing the delicate balance between consumer needs and data protection.

Major financial institutions, including JPMorgan Chase & Co. and Charles Schwab, have taken steps to restrict or monitor external AI agents’ access to client data, underscoring the growing scrutiny on data privacy and security in the digital banking landscape.