AI in financial services

Abstract

Artificial intelligence (AI) plays a central role in current processes of technological change in financial services. Its prominent place on innovation agendas speaks to the significant benefits that AI technologies can enable for firms, consumers, and markets. At the same time, AI systems have the potential to cause significant harm. In light of this fact, recent years have seen a growing recognition of the importance of AI adoption being guided by considerations of responsible innovation. The aim of this report is to inform and advance the debate about responsible AI in the context of financial services. It provides an introduction to relevant technological concepts, discusses general challenges and guiding principles for the adoption of AI, maps out potential benefits and harms associated with the use of AI in financial services, and examines the fundamental role of AI transparency in pursuing responsible innovation.

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