Ethical considerations need to be a fundamental part of AI strategies 

The relationship between banks and AI continues to evolve, with Jumio revealing that its power in financial services is only going to increase. 

It comes as calls intensify for some of the key players within the banking and business space to set out guidelines on how they are responsible in their approach to AI. 

Informed consent takes centre stage in the debate, with consumers providing an increased level of data to firms as the digital economy continues to grow. 

Alix Melchy, Head of AI, Jumio, told Payment Expert: “Ethical considerations are a fundamental part of any decision a business has to make. That shouldn’t stop when it comes to AI. Before implementing the technology, organisations must define and align on the task they want an algorithm to perform before it can be developed and implemented. Articulating the problem and the associated ethical considerations is the prerequisite for a solid framework of development and evaluation of AI algorithms. 

“Second, the data that underpins AI models, as well as the development team, must represent society fairly, so that historical biases are not reproduced, and it must be covered by an informed consent. Lastly, the human eye is still needed to understand how the AI is working, train it and ultimately ensure it is working as expected – an appropriate experimental setup, inclusive of a pilot phase, with stratified analysis is key in being able to explain why a model has produced a specific result.

“The use cases to leverage the power of AI in financial services are only going to increase. While AI has the potential to be revolutionary, before going any further with implementations, financial institutions must address the ethics of using this technology. Only then can it be implemented in a positive way and overcome the distrust many have toward AI making decisions for important financial decisions in their lives.”