Who would be to blame when AI does go wrong? Who holds the leash?-Is it the financial services organizations that put AI in place?

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Who would be to blame when AI does go wrong? Who holds the leash?-Is it the financial services organizations that put AI in place?
December 2, 2024 Comments Off on Who would be to blame when AI does go wrong? Who holds the leash?-Is it the financial services organizations that put AI in place? Do My assignment joyce
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Read the following articles and answer the discussion questions below.
Artificial Intelligence in FinTech Explained. by Moqod
How AI is Affecting FinTecLinks to an external site. by FinTechNews staff
FinTech: AI and the Future of Financial Services site. by Joanna England
Apple Card algorithm sparks gender bias allegations against Goldman Sachs by Taylor Telford
Highly recommended video resources. View the video about deepfake technology and AI in finance
How Synthetic Media, or Deepfakes, Could Soon Change Our World. by 60 minutes
How will AI Transform Banking?By CB Insight


CAN WE TRUST AI WITH OUR FINANCES?
When financial services companies use artificial intelligence in key decision-making, they often need to factor a human in the loop—someone to review the AI output before important decisions are made or actions are taken. This is partly out of regulatory necessity but also because there are inherent fears that if AI is let loose on its own, something might go wrong. As we have seen recently with the Apple Card gender discrimination complaint, algorithms are becoming subject to scrutiny and allegations of bias and discrimination. Will this drive demand from regulators for explainability and algorithm accountability of financial services models? Perhaps it will not be enough to just say your AI is fair. Regulators and customers will demand that AI can be shown to be fair and that AI acts in a fair way.
What happens when the data persuades an AI to act one way, but societal norms, morals, and laws dictate the opposite?
Who would be to blame when AI does go wrong? Who holds the leash?
Is it the financial services organizations that put AI in place?


Is it a company supplying AI technology?
Is it the AI developers who trained the algorithms?
Could AIs develop to the point where they are accountable for their own actions? Why do you think so or not think so?
Should we trust AI more than we trust ourselves to manage our money? Why or why not?
Answer the questions posed above about these issues that AI poses to FinTech. There is no wrong answer, but please address the concerns posed above.