Jo Ann Barefoot, Founder & Chief Executive Officer of Alliance for Innovative Regulation (AIR), discusses the challenges presented by rapidly evolving AI in the global banking landscape and examines the pace of regulatory response. In the lead up to Singapore Fintech Festival 2023, the discussion covers ethical AI innovation, the risks associated with fraud and bias, and the potential role of AI assistants in consumer protection. Jo emphasizes the importance of regulators adopting cloud technology and AI, highlighting the significance of collaborative efforts among stakeholders to navigate the intricacies of AI in banking.