Before AI Runs Amok, Banks Have Some Hard Decisions to Make

Cold, calculating: “It’s hard to encode morals and color blindness into a machine — its only purpose is to look for solutions for the company,” one expert said of the risk in technology that ultimately teaches itself. IMAGE: Adobe Stock Just as some people are starting to fear whether driverless cars will do us more harm than good, there’s a growing concern that the use of artificial intelligence — letting software and machines make decisions rather than people — could lead to legal and ethical problems in financial services. Letting a software program decide on its own who may obtain a checking account, who can get a loan, and what rates they should be charged, could have unintended consequences that include people being excluded from mainstream finance. Some would argue…


Link to Full Article: Before AI Runs Amok, Banks Have Some Hard Decisions to Make