A roadmap to responsible innovation with AI in financial services

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.