AI in financial services: socially conscious approach can unlock the full potential of industry investment in AI
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In the rapidly evolving landscape of artificial intelligence (AI), financial services are now at the forefront of transformative change write EY’s Sean MacHale & Madeline Parkinson. With financial institutions increasingly integrating AI across their operations, they assess the regulatory response to AI in Europe, outlining some of the major social pitfalls inherent in AI and how the use of socially conscious AI can mitigate these risks and open up new opportunities for financial services.
From risk assessments and payment processing to lending decisions and fraud detection, AI is revolutionising how financial services engage with customers, offering personalised content and innovative solutions.

Social concerns and the regulatory landscape
However, with great innovation comes a responsibility to address the unique social concerns associated with AI. Financial organisations must proactively consider the potential impact on peoples’ fundamental r....

 

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November 2024 Issue of Finance Dublin

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Sean MacHale is a partner and Madeline Parkinson is a manager in EY’s Climate Change & Sustainability Services practice.

Further Reading: Artificial intelligence act: Council and Parliament strike a deal on the first rules for AI in the world (Council of the European Union) EU AI Act Proposal (Council of the European Union).
This article appeared in the February 2024 edition.