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Why 2022 Can Be the Year Financial Services Providers Embrace Ethical AI Posted on : Jul 02 - 2022

Nearly two years after a global pandemic sent most banking customers online, the majority of financial institutions appear to be embracing digital transformation. But many still have a long way to go. For example, a recent survey of mid-sized U.S. financial institutions by Cornerstone Advisors found that 90% of respondents have launched, or are in the process of developing, a digital transformation strategy—but only 36% said they are halfway through. I believe that one of the reasons behind the lag in uptake is many banks’ new reluctance to use artificial intelligence (AI) and machine learning technologies.

Organizations of All Sizes Can Embrace Ethical AI

The responsible application of explainable, ethical AI and machine learning is critical in analyzing and ultimately monetizing the manifold customer data that is a byproduct of any institution’s effective digital transformation. Yet according to the Cornerstone research cited above, only 14% of the institutions that are halfway or more through their digital transformation journey (5% of total respondents) have deployed machine learning.

Low adoption rates may illustrate a reluctance by the C-suite to use AI, not entirely unfounded: AI has become deeply mistrusted even among many of the workers who deploy it, with research finding that 61% of knowledge workers believe the data that feeds AI is biased. View More