ETHICAL ASPECTS OF ARTIFICIAL INTELLIGENCE IN BANKING

Abstract

The following study aim to analyse the ethical concerns related to the use of Artificial Intelligence in banking. By using AI, many ethical issues were identified which includes the wrong credit scoring, sharing of wrong information, miss selling, and unauthorised trading in the banking. The AI applications and methods significantly changed and enhanced the entire financial and non-financial framework of the banking sectors but there is always a risk of the data losses which are associated with the artificial intelligence (AI). Due to the fact, that the new technologies can exploit threats in AI and machine learning systems. So, it can be recommended to establish a committee that will ensure ethical compliance and validate the human concerns regarding unsafe platforms. The organisation needs to think about preventing the potential harm caused by AI-assisted content creation. Hence, friendly, and ethical AI system is mandatory for the human existence.