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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?
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:
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.
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.