TORONTO — BMO Financial Group says it has named Kristin Milchanowski to the newly created role of chief artificial intelligence and data officer.

The bank says Milchanowski will oversee several areas including AI, analytics and robotics strategies, as well as data management and data governance across the bank.

Chief technology officer Steve Tennyson says in a statement that Milchanowski will look to use AI to differentiate BMO’s digital offerings from its competitors.

BMO says Milchanowski comes to the role from EY, where she was a global innovation partner focused on AI, high-process computing and quantum technologies. It says she is also an AI associate fellow of the University of Oxford.

The Bank of Canada says the financial sector has been investing in AI to improve customer service, enhance compliance and risk management, and better assess credit and liquidity risk.

However, the central bank has warned that the trend could lead to operational risks including through reliance on a few third-party service providers and potential hallucinations and biases from predictive AI.

This report by The Canadian Press was first published Oct. 2, 2024.

Companies in this story: (TSX:BMO)

The Canadian Press