Unlike previous technological revolutions in history – with the possible exception of the third, computing – artificial intelligence has the potential to take hold in almost every industry and, above all, to complement or replace white-collar work. There is no precedent for technological development of this magnitude, which is why the battle plans of the countless sectors currently facing this phenomenon are so diverse.
It turns out that the financial services industry is one of the few that seems to be handling the situation with sophistication and tact. In his recent
Company of the future report, California-based computer software company Alteryx showed that the industry is ahead of other sectors in the enthusiasm and maturity of data governance and ethics policies in use of artificial intelligence (AI). In fact, 9 out of 10 finance professionals surveyed call for more regulations and standards governing the use of AI and generative AI.
But don’t interpret these calls as suspicion. The industry is demanding these policies because it is now very comfortable with the regulations and recognizes the importance
immeasurable benefits of AI for institutions and their clients – provided of course that the technology is managed correctly.
THE risks of failure it is difficult to do so, hence the dominant desire to put in place appropriate guarantees. Legal and ethical costs, damage to workplace attractiveness, damage to brand reputation, loss of intellectual property and data are just some of the things cited by workplace professionals. finance in the investigation. And as if that were not enough, the implementation of AI policies is considered essential to avoid suffering the negative effects of the crisis.
The next European law on AI.
The financial sector’s battle plan
The industry is therefore busy strategizing, and the Company of the future The report shows that companies are setting the tone across the board: 86% have already implemented AI security, ethics and governance policies to drive their business success. This represents an 11% advantage over the global average across the public sector, manufacturing and technology verticals.
These policies typically include multi-factor authentication (MFA) to access systems, applications and data, integrated security implemented in the development process, as well as zero trust security models or industry-leading security frameworks. secure access services. Regular security awareness training for employees and strong governance frameworks that define security-related roles, responsibilities and decision-making processes should also be deployed more widely.
Jason Janicke, SVP EMEA at Alteryx, highlights the importance of spearheading ethical AI in the financial sector: “The evolution of AI capabilities, particularly generative AI, has offered The FS&B sector offers significant opportunities to unlock the power of data to automate tasks for productivity. creating value while reducing costs. However, it has also raised concerns around data privacy, ethics and cybersecurity. Financial services and banking professionals are stewards of highly sensitive data, so any misuse of AI – even unintentional – can leave organizations vulnerable… It is right that the sector takes a proactive approach in implementing implementing effective safeguards including practical data quality controls. , privacy and governance. Building data literacy skills will help establish a robust approach to data-centric AI, essential to protecting businesses and maintaining security and trust between stakeholders and customers.
All this focus, caution and planning will undoubtedly ensure that as an industry, the impending AI wave – and the EU AI law that followed – will not only survive, but ride.
