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Behind the Numbers: an EMARKETER Podcast
The Banking & Payments Show: AI Risks to Banks | Oct 8, 2024
Oct 8, 2024
Join analysts Jacob Bourne and Grace Broadbent as they delve into the risks AI poses to the banking and payments sectors. Jacob, an expert on AI developments, highlights the dangers of autonomous trading bots and their implications for decision-making. Grace shares insights on navigating AI biases and accountability challenges. They discuss the urgent need for robust fraud prevention and cybersecurity in the face of evolving threats, making for a riveting conversation on technology's influence in finance.
18:50
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Quick takeaways
- AI trading bots can make autonomous investment decisions, raising critical concerns about accountability and trust in financial systems.
- The quality of training data and the presence of biases are essential factors affecting AI decision-making in finance, necessitating diverse data for fairness.
Deep dives
The Impact of AI on Financial Risks
The discussion highlights the substantial risks that artificial intelligence poses for financial institutions, particularly through the use of AI trading bots that operate autonomously. Such bots can make investment decisions without human intervention, but this raises concerns about accountability in the event of errors or illegal actions. The lack of clarity in determining responsibility for malfunctions—whether it lies with developers, financial institutions, or users—threatens trust in AI systems. The analysts emphasize that addressing these accountability issues is crucial for the stability and reliability of financial services that utilize AI.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode