The BFO Young Ambassadors collaborated with Gradient Institute to investigate the ethical concerns surrounding the use of AI in financial services. While some areas of the industry, such as credit scoring, have gained awareness of AI ethics, little attention has been given to AI-driven marketing. Developing a thorough understanding of the ethical considerations will help financial services leaders avoid causing harm to customers and society, maintain trust, and demonstrate the positive potential of AI. The BFO Young Ambassadors adopted the approach we introduced in our De-Risking Automated Decisions work we recently did with the Minderoo Foundation.
The report offers useful recommendations on AI governance and risk management.