Ethical AI for Banking and Finance 2021 | Innovate Finance | 12 January 2021 | Webinar

Is using Artificial Intelligence worth it?

AI technology has had an enormous impact on the Banking & Finance sector. This trend is only likely to continue.

Already most credit check, KYC and AML decisions are now made by algorithms. Credit scores and, therefore, credit worthiness tests are also hugely faster and more accurate when carried out by algorithms trained on large data sets based on past decisions and outcomes.

Similarly, investing and trading continue to be disrupted by AI. In some markets more trade happens as the result of orders placed by algorithms than by humans.

The so-called “FinTech Revolution”, which has disrupted and forced a rethink of existing paradigms within Banking & Finance, is strongly assisted by AI technologies – for example, many of these companies use AI to combat fraud.

However, the mass adoption of AI over the past ten years has also brought up important concerns. When using these technologies, institutions now must ask themselves fundamental questions:

• Are the algorithms we use fair and transparent?
• Are our customers adequately protected from risk?
• Is our users’ data safe?
• Are these approaches sustainable?
• And crucially, is using AI worth it?

2021 Speaker

Nir Vulkan
Associate Professor of Business Economics at Saïd Business School

2021 Supporters

• University of Oxford
• Said Business School