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Responsible innovation with AI in financial services: a roadmap

Navigating uncharted waters

Deloitte and the World Economic Forum explored the risks inherent in the development of artificial intelligence in the financial sector, as well as strategies for mitigating the risks.

Artificial intelligence (AI) is assured to transform the financial services industry. But financial institutions are constantly coping with identifying the right use cases for deploying AI. How can they ensure responsible deployment of AI and realize the benefits, while effectively navigating the associated risks?

Read the Deloitte summary

Five key areas of concern

This report by the World Economic Forum and Deloitte explores the risks associated with deploying AI in financial institutions and presents strategies to mitigate the risks. We analyze these risks through the lens of five frequently cited areas. They are:

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AI explainability
How does business context shape what we need to know about our AI deployment?
AI explainability
Systemic risk and AI
Could algorithms destabilize the financial system?
Systemic risk and AI
Bias and fairness
How can financial institutions ensure their systems do not discriminate against a specific group?
Bias and fairness
The algorithmic fiduciary
Could AI be trusted as a fiduciary?
The algorithmic fiduciary
Algorithmic collusion
How can we manage AI systems that learn to engage in anti-competitive behavior?
Algorithmic collusion

Creating business insights

Financial supervision is increasing in the Netherlands, new financial products and activities are gaining in importance, and more data than ever is available. In times like these, AI can help create useful business insights from this overwhelming amount of information. Automatic risk scoring, development of early warning systems, and the automation of client on-boarding are just a few examples of how AI can hugely benefit the internal processes. But we also see that it creates new challenges and new opportunities for responsible business.

More information

While the development of 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 maximize your investments. Please contact us if you would like to discuss your AI adoption strategy and jumpstart your transformation journey. Read the full report, Navigating uncharted waters.
 

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