Exploring the ethics of AI in banking

• Despite AI’s business transformation potential, what are some key ethical considerations banks and fintechs must consider when planning AI implementations?
• What can we expect from the regulators in Europe and across the globe as the use of AI expands in the coming year, as well as looking toward the future?
• How can AI be used to improve the customer experience, but still ensure equity while protecting client privacy, data security?
• For FIs considering new or broader AI solutions, what are the best ways to get on the right track to smooth and ethical execution, as well as full compliance, right from the start?

With every new technology, it takes time before every industry participant jumps onboard, and the evolution of Artificial Intelligence (AI) and Machine Learning (ML) tools within the financial services industry is no different. Except, advancement in the field is happening much faster than anyone ever envisioned, especially when it comes to financial institutions and their customers. Most FIs either have some forms of AI in place now, or they’re strongly considering adding it soon.

We’re not just talking about chatbots in customer service anymore. Fresh approaches to ‘standard’ banking procedures and innovative new consumer and business products and applications are dreamed up and placed into practice by FIs and fintech partners every day. From personalisation of client advice and response, enhanced evaluation of risk, and automation of repetitive processes, to fraud protection & security and emerging uses beyond, AI is now progressing past just retooling old systems to helping reimagine ways for banking to work better. Not just for the FIs, but for their customers as well.

Yet, despite the rapid advancement of AI, concerns persist about the ethical rollout of such technologies and what they might mean to business and society over the longer term. As the EU AI Act and other regulations come into play, the positive impacts of AI in commercial enterprises, including financial services, are being weighed carefully against the technology’s data privacy and security questions. Worries about inherent bias in ‘trained’ algorithms, increasing displacement of human jobs, and potentially heightened systemic risk that expansion of AI may bring are just some of its ethical challenges.

It’s time for an update on all AI’s pros and cons, and that’s what we’ll strive to deliver in this Metia/Finextra webinar.

Sign up for this Finextra webinar, hosted in association with Metia, to join our panel of industry experts for a discussion on the latest opportunities and challenges presented by the use of AI in financial institution, with an overarching goal to help financial services organisations make the best decisions for their institutions.