While artificial intelligence (AI) can optimise processes and reduce human error, it also poses ethical and sustainability challenges. Businesses need to use AI responsibly, and financial institutions play a key role in shaping this evolution. Their influence allows them to set standards and incentives for responsible use of AI in the businesses they finance, as outlined in Triodos Bank’s position paper ‘Artificial Intelligence, ‘Human responsibility.’
Artificial intelligence has seen rapid development in the last couple of years. The introduction of publicly available AI tools like ChatGPT has made it possible for a wide audience to take advantage of the powerful capabilities of this technology. In the business world, there is hardly a company that does not use artificial intelligence in one way or another.
While AI offers considerable potential to optimise processes and reduce the risk of human error, it also presents considerable drawbacks, particularly in terms of business ethics and sustainability. It is therefore imperative that companies that use AI do so responsibly. Financial institutions have a crucial role to play in the responsible development and use of AI technology. Because of their role as a driver of the economy, they have a responsibility to understand the power of AI technology and its implications for individuals and humanity as a whole. As financial intermediaries, they can set expectations and incentives for the companies they finance and invest in. This is one of the important conclusions of Triodos Bank’s position paper ‘Artificial Intelligence as a Tool for the Economy’. “Human responsibility”.
Read the Triodos Bank position paper
The financial sector has a responsibility to ensure that AI places a high value on human dignity, is one of the key findings of Triodos Bank’s position paper on AI.
Read the full article here.
Human dignity at the heart of our concerns
Triodos Bank believes that AI systems must be centred on human dignity, respect fundamental rights and promote the well-being of society as a whole. People must always be in control; any decisions on ethical issues that may affect the rights and dignity of groups and individuals must never be entirely entrusted to machines.
As a mission-driven organisation, Triodos Bank places great emphasis on its role in ensuring that money is used responsibly. It has developed its own high-level views and expectations for the companies it finances and invests in. These expectations aim to ensure commitment to responsible AI and good practice in the development and use of AI.
Control companies
Triodos Bank recognises the many positive applications of AI, but also its negative applications. We strongly condemn the use of AI systems for lethal autonomous weapons, biometric identification in public spaces, biometric categorisation, social scoring and cognitive and behavioural manipulation. We are committed to excluding companies that engage in such activities, in line with our existing minimum standards.
We believe that all financial institutions should review companies’ best practices or work with them to improve their standards. They should require companies to demonstrate awareness of the risks and impacts of AI technology on human rights and business ethics. They should also require companies to refrain from harmful activities, such as contributing to the spread of lethal autonomous weapons or facilitating state surveillance.
Responsibility of financial institutions
As corporate citizens, financial institutions have a broader responsibility to society. They can speak out in public and with institutions to advocate for responsible practices around AI technology. They must also adhere to the same standards they demand of their investors and the companies they finance, and work to ensure adequate governance around AI technology.
As a bank founded on ethical and sustainable principles, Triodos Bank is committed to acting responsibly, urging its peers in the financial sector to ensure that AI technology is developed and deployed with a focus on human dignity. Financial entities have considerable influence and responsibility to guide the evolution of AI in a way that respects human rights and morality, thus playing a vital role in creating a sustainable and fair society for all.
