AI still useful in finance sector despite deepfake and bias risks

AI technology microchip background digital transformation concept. — Image by rawpixel.com on Freepik

New York: A bank uses biased artificial intelligence (AI) outputs in a mortgage lending decision. An insurance firm’s AI produces racially homogeneous advertising images. Users of an AI system complain about a bad experience.

These are just a few of the potential risks AI poses for financial institutions that want to embrace the emerging technology, according to a series of papers released last Thursday.