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The journey towards a responsible AI future: Hype, fear and hope

Author

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  • Lau, Theodora

    (Unconventional Ventures, USA)

Abstract

This paper discusses artificial intelligence’s (AI’s) growing prominence in, and impact on, various aspects of our daily lives, with a focus on the financial services industry. It highlights the evolution of use cases in banking against the backdrop of the hype cycle that we are in today and discusses how the technology can be used to streamline operations, increase productivity, drive new business opportunities and improve financial inclusion. It also urges readers to be mindful of the multifaceted impact of the technology and the responsibilities that organisations must bear to ensure reliability, transparency, safety, security, explainability, privacy and fairness. The author emphasises the importance of trust as a cornerstone and advocates for diversity in AI development and data representation to avoid reinforcing biases and inequities in our society. The paper is a call to action for a more thoughtful approach to innovation — urging stakeholders to recognise the shared responsibilities in shaping a human-centric, inclusive and trustworthy future.

Suggested Citation

  • Lau, Theodora, 2024. "The journey towards a responsible AI future: Hype, fear and hope," Journal of Digital Banking, Henry Stewart Publications, vol. 9(1), pages 19-29, June.
    • Handle: RePEc:aza:jdb000:y:2024:v:9:i:1:p:19-29
    as

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    More about this item

    Keywords

    artificial intelligence; future of work; responsible AI; ethics; FinTech; AI in banking;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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