Commercial lenders shouldering heavier AI burden than central banks: ICBC president

As artificial intelligence reshapes the finance industry, commercial bankers are facing a “more miserable” transition than their central banking counterparts, the head of the world’s largest lender by assets said.

Industrial and Commercial Bank of China president Liu Jun said that while central bankers focused on oversight and policy, commercial lenders bore direct financial and legal liability when deploying AI at scale.

“If [ICBC] deploys AI tools … towards different business lines, and all the benefits contribute to the IT balance sheet and income statements, it means I take the responsibility of the AI deployment,” Liu said during a panel discussion at the Shanghai Bund Summit on Monday.

“If something bad happens, I’m going to have to pay the victim and give the final answer to the market.”