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Starling founder & CEO Stephen Scott was pleased to speak about the growing use of AI in the financial sector, at the launch event for the OCED’s 2021 Business and Finance Outlook report.
Panelists agreed that the appropriate use of will AI will become increasingly important for ensuring trustworthy financial markets. But a rising concern is that existing financial regulations may fall short of addressing potentially systemic risks that may flow from poor standards of use.
It is important to stop and consider how the use — and misuse — of such powerful tools may result in a range of unintended harms to society, and it is right that policy-makers engage around this issue. In fact, at Starling we have gone further, calling for careful regulation of AI use in the financial sector, given the industry's broad and systemic impact on economies more generally.
But in addition to thinking through the ethics of using AI, we should give as much close attention to the ethical implications that may arise should we fail to make use of AI. Where such tools augment human intelligence and permit for clearer and more accurate judgement calls amidst uncertainty, the failure to incorporate AI-driven insights into decision-making may contribute to harmful outcomes, raising a different set of ethical implications.
The OECD event took place on September 24th and a recording of the event is available here.
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