- Despite AI’s business-transformative potential, what are the key ethical considerations banks and fintechs should take into account when planning AI implementations?
- What can we expect from regulators in Europe and around the world as the use of AI grows in the coming year, and looking ahead?
- How can AI be used to improve customer experience, while ensuring fairness while protecting customer privacy and data security?
- For financial institutions considering new or broader AI solutions, what are the best ways to get on track for smooth, ethical execution and full compliance from the start?
With any new technology, it takes time for everyone in the industry to get on board, and the evolution of artificial intelligence (AI) and machine learning (ML) tools within the financial services industry is no exception. Except that progress in this space is happening much faster than anyone ever imagined, especially when it comes to financial institutions and their customers. Most financial institutions either already have some form of AI in place or are strongly considering adding it in the near future.
It’s not just about chatbots in customer service anymore. Financial institutions and fintech partners are imagining and implementing new approaches to “standard” banking processes and innovative new products and applications for consumers and businesses every day. From personalizing advice and responses to customers, to better risk assessment and automation of repetitive processes, to fraud protection and security and emerging uses beyond, AI is now advancing beyond simply redesigning legacy systems to help reimagine ways to make banks work better. Not just for financial institutions, but for their customers as well.
Yet despite the rapid advances in AI, concerns persist about the ethical deployment of these technologies and their long-term consequences for business and society. As the European AI Act and other regulations come into force, the positive impacts of AI in commercial enterprises, including financial services, are being carefully weighed against the privacy and data security issues of the technology. Concerns about the biases inherent in “trained” algorithms, the increasing displacement of human jobs, and the potentially increased systemic risk that the expansion of AI could bring are just some of the ethical challenges it faces.
It is time to take stock of all the pros and cons of AI, and this is what we will try to offer in this Metia/Finextra webinar.
Register 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 institutions, with the overarching goal of helping financial services organizations make the best decisions for their institutions.
