Exploring the ethics of AI in banking

This post was originally published on Fin Extra

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

Read the rest of this post, which was originally published on Fin Extra.

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