AI in finance: Taming beast

A woman using a smartphone

There are risks and limitations to consider as artificial intelligence (AI) is increasingly being deployed for various purposes in finance, including digital identity verification, trading and personalised banking

In an op-ed, Assoc Prof Cindy Deng Xin, from NTU’s NBS Division of Banking & Finance, discussed the risks and limitations to consider as artificial intelligence (AI) is increasingly being deployed for various purposes in finance, including digital identity verification, trading and personalised banking.

“After two years of living with the coronavirus pandemic, we have become accustomed to more and more digital services. Waiting in line to open a bank account is fast becoming a thing of the past. We can quickly and easily open one at home with our digital identity verified by SingPass,” she wrote, adding: “As much as AI delivers convenience and speed, among a whole range of other benefits, there are limitations and risks to consider. AI has sparked privacy issues and been accused of invading personal spaces.”

She ended off the piece calling for more collaboration between industry practitioners and researchers to alleviate skills gaps, while also effectively addressing ethical and equity concerns.

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