A financial institution, Cavoodle, has implemented Woof, a customer service chatbot poweredby machine learning and artificial intelligence (AI) to improve response times and providepersonalised support to their customers. However, some customers have raised concernsabout the security of their data, as well as the potential biases and ethical issues in Woof'sresponses. As a result, Cavoodle has seen a loss of trust from some customers.As a recent FinTech graduate, advise the directors of Cavoodle:a) How can Cavoodle address customers' perceived security concerns regarding AI andmachine learning and their data?b) How can the financial institution ensure transparency and accountability in Woof'sresponses, such as by communicating how it operates, how it makes decisions, andhow it ensures unbiased and ethical responses?
