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Ethics In Financial Services Insights
October 25, 2024
At the Investments and Wealth Institute's Strategy Forum 2024, Azish Filabi, JD, MA, managing director of the American College Center for Ethics in Financial Services, presented on the ethical principles guiding artificial intelligence (AI) use in financial services, emphasizing its impact on clients and advisors.
This Financial Planning article highlights Filabi’s presentation on the ethical concerns of AI in financial services. The concerns include transparency, data privacy, racial bias, and over-reliance on AI-driven tools. Filabi emphasized the importance of human oversight, long-term thinking, and the need for regulatory accountability in AI use. She also discussed how historical biases in data, such as big data used as inputs into AI-enabled underwriting, can lead to unfair discrimination, an issue already being addressed by some state regulators and the NAIC through testing and risk management frameworks.
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Read on to discover additional insights on Filabi’s presentation!
To learn more about AI in financial services, you can explore further with research from the Center for Ethics in Financial Services.
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