TLDR: Jared Browne, Fexco Group’s head of privacy and AI governance, advocates for a “human-first” approach to AI, stressing the importance of human oversight and ethical considerations in AI development and deployment, particularly within the financial sector. Fexco, through its joint venture Metamo, has launched Ireland’s first AI lending product, designed to accelerate loan decision-making while ensuring loan officers remain central to the process. Browne also highlights the significance of the EU AI Act in promoting responsible AI innovation.
Jared Browne, the head of privacy and AI governance at Fexco Group, is a vocal proponent of a human-first philosophy in the rapidly evolving field of artificial intelligence. In a recent discussion, Browne emphasized the critical need to integrate robust governance into AI development to ensure long-term safety and societal benefit. He expressed concerns about a “tiny faction of AI zealots” pushing for rapid, unchecked implementation, arguing that governments must prioritize the social good over market pressures.
Fexco, an international financial services company founded in 1981, has embraced AI both internally and externally. Internally, the company runs an “AI Launchpad” program, conducting workshops and AI literacy training for all staff. A Central AI Council, established two years ago, meets monthly to assess product ideas and oversee AI initiatives within the organization. This proactive approach aims to ensure employees are comfortable and proficient in using AI tools to augment their roles, rather than replace them.
Externally, Fexco has developed “Smart Assist,” a generative AI platform utilizing Azure OpenAI, which has been adopted by several government clients. This platform addresses “boring problems” by leveraging a client’s knowledge database to generate responses to thousands of emails, significantly reducing response times from 28 minutes to just three, including a full human review. Browne stressed the meticulous and slow development of Smart Assist, with built-in security and accuracy features, to ensure the power of generative AI is contained within a “walled garden” of client knowledge.
A key example of Fexco’s human-first, AI-assisted approach is the recent launch of Ireland’s first AI lending product through Metamo, a 50-50 joint venture with 17 Irish credit unions. This product streamlines the loan decision-making process by using AI to assess repayability and interest rates, but crucially, the loan officer remains the “main player.” Browne sees significant opportunity in the credit union sector, where the ability to interact with a human being is still highly valued.
Browne, a philosophy graduate and qualified lawyer, is also a member of the EU General Purpose AI (GPAI) Code of Practice working group. He lauded the EU AI Act, which recently came into force, as a crucial step towards responsible AI. “I think what Europe is getting right is that we need to slow down AI in order to speed it up again, to insert a governance layer into the middle of the whole thing that makes sure that there’s going to be some safety and risk awareness in here, so that we actually get the benefits and minimise the harms,” Browne stated. He believes this act will foster trust in AI, leading to greater adoption and economic success in the long term, much like established safety standards in aviation or public utilities.
Also Read:
- Microsoft Endorses EU’s Generative AI Code of Practice Amidst Industry Divide
- Australian Finance Industry Advocates for Agile AI Regulation to Boost Economic Growth
Browne’s philosophical perspective underpins his concerns about the rapid pace of AI development, driven by a few companies seeking quick returns. He argues that humanity needs more time—perhaps 10 to 20 years—to adapt to the profound changes AI will bring to employment, income tax revenues, and societal stability. He firmly believes that AI should be built “strictly in terms of what humans need to improve our lives,” ensuring it serves even the most vulnerable in society.
