Artificial intelligence algorithms are increasingly being used in financial services — but they come with some serious risks around discrimination.
And the problem of amplifying existing biases can be even more severe when it comes to banking and financial services.
As for financial services, Manji said a lot of the backend data systems are fragmented in different languages and formats.
"Individuals have little knowledge of how AI systems work and that their individual case may, in fact, be the tip of a systems-wide iceberg.
Among the top worries industry insiders expressed are misinformation; racial and gender bias embedded in AI algorithms; and "hallucinations" generated by ChatGPT-like tools.
Persons:
Nabil Manji, Manji, they've, we're, You've, Banks, Banking's, Rumman Chowdhury, Twitter's, Chowdhury, Angle Bush, Bush, Frost Li, Li, Niklas Guske, Guske, it's, Goldman Sachs, Kim Smouter, Smouter, ethicists
Organizations:
Photodisc, Getty, Deloitte, CNBC, Microsoft, Google, Black, Artificial Intelligence, Tokyo University, Apple, New York Department of Financial Services, European Network, United Nations
Locations:
AMSTERDAM, Worldpay, Amsterdam, Chicago, Loup, United