Mass AI adoption in finance will 'worsen' bias & discrimination, confirm WEF & CCAF - Fair Play Talks

A new report released by the World Economic Forum (WEF) and the Cambridge Centre for Alternative Finance (CCAF) shows that nearly two-thirds (64%) of financial services leaders expect to be mass adopters of AI in the next two years, compared to just 16% today. These firms plan to expand AI use beyond cost reduction, and use it for revenue generation, process automation, risk management, customer service and client acquisition. However, the study also reveals executive fears surrounding AI bias and market-wide risks. In fact, more than half of the executives interviewed for the study expect mass AI adoption to'worsen bias and discrimination' within the sector. The report Transforming Paradigms: Global AI in Financial Services Survey, supported by EY and Invesco, explores the impact AI will have on the industry thanks to interviews with over 150 senior financial services executives in both fintech and incumbent financial institutions.