ICBC President Says Commercial Banks Face Tougher AI Transition Than Central Banks

Industrial and Commercial Bank of China president Liu Jun said commercial lenders face a “more miserable” transition than central banks as artificial intelligence reshapes the finance industry.

Liu made the remarks during a panel discussion at the Shanghai Bund Summit on Monday.

Different responsibilities

He said central bankers were focused on oversight and policy, while commercial lenders carried direct financial and legal liabilities when deploying AI at scale.

That difference places a heavier burden on commercial bankers, according to Liu, because they must take responsibility for how AI systems are used across their businesses.

“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.

Liability when AI goes wrong

Liu’s comments focused on what could happen if an AI deployment produced harmful results.

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

The statement highlights the financial and legal exposure commercial lenders face when AI tools are integrated into different business lines.

By contrast, the source describes central bankers primarily in terms of their oversight and policy responsibilities.

Liu is president of the Industrial and Commercial Bank of China, described in the source as the world’s largest lender by assets.

Source: South China Morning Post