A roadmap to responsible innovation with AI in financial services
Navigating uncharted waters
World Economic Forum (WEF) and Deloitte explore the risks inherent in deploying artificial intelligence in the financial sector, as well as strategies for mitigating them.
Artificial intelligence (AI) is poised to transform the financial services industry. But financial institutions are constantly grappling with identifying the right use cases for deploying AI. How can they ensure responsible deployment of AI and reap the benefits, while effectively navigating the associated risks?
This report by Deloitte and the WEF explores the risks associated with deploying AI in financial institutions and presents strategies to mitigate them. We examine these risks through the lens of five frequently cited areas – they are:
- AI explainability
How does business context shape what we need to know about our AI deployment?
- Systemic risk and AI
Could algorithms destabilize the financial system?
- Bias and fairness
How can financial institutions ensure their systems do not discriminate against a specific group?
- The algorithmic fiduciary
Could AI be trusted as a fiduciary?
- Algorithmic collusion
How can we manage AI systems that learn to engage in anti-competitive behaviour?
While AI can drive foundational shifts in a firm’s strategies, responsible adoption of AI necessitates openness to new forms of governance.
The AI adoption journey is not as simple as flipping a switch—but the right partner can help you maximize your investments. Please contact us if you would like to discuss your AI adoption strategy and jumpstart your transformation journey.
Download the full report (134 pages) to learn how to mitigate the key risks associated with implementing AI in your business. Please contact us if you would like to discuss the report, and learn what these findings mean for your institution.