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Innovation AI financial services

Innovation with AI in financial services

  • by EB 07 Feb, 2020
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Publication type Report
Language English
Publication date 23.10.2019
Number of pages 134

World Economic Forum and Deloitte explore the risks inherent in deploying artificial intelligence in the financial sector, as well as strategies for mitigating them in a joint report entitled „A roadmap to responsible innovation with AI in financial services. Navigating uncharted waters.”

Executive Summary

The rise of AI has brought financial services into uncharted waters. In this new expanse, early navigators may realize outsized gains. But the voyage is marked with risks and uncertainties.

A smooth passage into an AI-powered future depends on the industry’s ability to:
Responsibly deploy AI systems today. AI systems can learn on their own and ‘think’ in a way that’s deeply foreign to humans. This inscrutability can lead to unfair treatment of customers, systemic instability, and other problematic outcomes—especially as AI systems interact with one another at greater frequency and speed.

Responsibly scale the AI-ubiquitous financial systems of tomorrow. The use of AI is spurring a cross-industry reexamination of competition policy, privacy rights, and operational resilience. The common thread through this activity? Data. Institutions are increasingly trading in data. Large data stores are contributing to a winner-take-all environment for data-hungry AI systems. Among customers, meanwhile, there’s a growing awareness of how valuable their data can be.

Harness the potential of a financial system built on responsible AI. The responsible use of AI isn’t just about avoiding harm. It’s also an opportunity to raise the ethical bar for the financial system as a whole. Some organizations already are using AI to create financial offerings that serve clients and society in better ways.


Read the full report „A roadmap to responsible innovation with AI in financial services”

Read the Deloitte Executive Summary „Navigating uncharted waters”

See also the ACAMS webinar on AI and Robotic Process Automation

Source:
1. Ishani Majumdar, Deloitte, Navigating uncharted waters. Understanding the strategic and regulatory risks of artificial intelligence in financial services. The AI challenge (2019),
2. World Economic Forum and Deloitte, A roadmap to responsible innovation with AI in financial services. Navigating uncharted waters (23.10.2019).

Image by Elias Sch. from Pixabay

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