AI and enhancing the human element in the financial services industry
Publish date: 25 October 2019
Issue Number: 15
Diary: CompliNEWS Ethics
Category: Ethics
At a forthcoming summit industry experts will be discussing how the financial services sector is in the vanguard of deploying AI on a global scale and whether the technology will be a transformative force or has the potential to act as an existential threat.
According to a report by Finextra and citing a leading figurehead in financial services, the financial services sector has now entered the 'intelligence age' but is doing so under intense pressure on multiple fronts. Rapid advances in AI are coming at a time of widespread technological and digital disruption and competition is fierce.
While the reskilling revolution is sweeping across the financial ecosystem, there is also a growing need for digital ethics that will ensure that major financial institutions efficiently bridge the technology gap and enable staff to enhance their new careers.
As we embrace convenient and flexible digital services, inside and outside of financial services, the boundaries of what we share and who we trust are shifting. With regulatory initiatives such as GDPR enabling individuals to exert greater control, banks must balance customers’ needs and rights with their duty and obligation to protect their assets, including data.
