AI in Financial Services: Be Aware of the Potential Ethical Risks
AI has numerous applications in financial services, including asset allocation management, portfolio risk assessment, loan application evaluation, and the deployment of automated chatbots that recommend services based on client needs. However, the integration of AI into financial services also presents ethical dilemmas, such as accountability, bias, transparency, over-dependence, risk, privacy, and security. Microsoft has proposed six key areas for the ethical use of AI, encompassing fairness, reliability, safety, privacy, inclusiveness, transparency, and accountability. Financial services institutions must collaborate with industry leaders, technical experts, regulators, and stakeholders to establish guidelines for ethical AI use. HSO can help navigate the AI journey with their AI Briefing.
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