Briefing: Ethical Use of AI in Finance
Last month the Lab held a roundtable on the ethical use of Artificial Intelligence (AI) in finance. Over 30 experts from banking and fintech, policymaking, consumer groups and civil society joined forces to explore how AI in finance can impact on financial health, economic inequality and citizen power.
AI holds a huge potential to change finance for good. It could help people make sense of their finances and the best options available to them, automate actions that serve our best interests, and drive real competition in the sector.
But this potential is not guaranteed. AI adoption could increase information asymmetry and complexity, reduce customer control, and exacerbate exclusion and discrimination.
If we want to harness the opportunities of AI and avoid the risks, we need urgent action from a range of stakeholders. Our workshop attendees called for action from government and regulators, industry and civil society:
- Protect and enhance financial market competition in the data-driven economy
- Expand the focus of regulation of AI use from processes to outcomes
- Create a new, compulsory professional qualification for people working with AI in finance
We are at a pivotal moment in the development of banking services in the UK – actions we take now could determine the direction of our financial system, economy and society for many years to come.
The Lab is working to engage influencers to take action, from policymakers to social investors and journalists. Will you join us?
Get in touch to discuss how you can help the Lab’s community of purpose-led innovators in finance – email us at hello@financeinnovationlab.org.