The AI Revolution: Opportunities and Challenges for the Finance Sector
The AI Revolution: Opportunities and Challenges for the Finance Sector
复制标题
DOI：
10.48550/arxiv.2308.16538
复制
发表时间：
2023-08
期刊：
影响因子：
--
通讯作者：
C. Maple;L. Szpruch;G. Epiphaniou;Kalina S. Staykova;Simran Singh;William Penwarden;Yisi Wen;Zijian Wang;Jagdish Hariharan;Pavle Avramović
中科院分区：
文献类型：
--
作者：
C. Maple;L. Szpruch;G. Epiphaniou;Kalina S. Staykova;Simran Singh;William Penwarden;Yisi Wen;Zijian Wang;Jagdish Hariharan;Pavle Avramović
这份报告研究了金融领域的人工智能(AI)，概述了其给该行业带来革命性变化的潜力，并确定了其挑战。它强调了全面了解人工智能、其能力及其影响的重要性，以有效地利用其潜力，同时减轻相关风险。人工智能的潜力从扩大现有业务扩展到为金融领域的新应用铺平道路。人工智能在金融领域的应用正在改变该行业。它的使用范围从客户服务增强、欺诈检测和风险管理到信用评估和高频交易。然而，在这些好处的同时，人工智能也带来了几个挑战。这些问题包括与透明度、可解释性、公平性、问责制和可信性有关的问题。人工智能在金融领域的使用进一步引发了关于数据隐私和安全的关键问题。这份报告中确定的另一个问题是人工智能可能给金融部门带来的系统性风险。人工智能容易出错，可能会加剧现有的系统性风险，可能导致金融危机。监管对于利用人工智能的好处，同时减轻其潜在风险至关重要。尽管全球都认识到了这一需求，但在金融领域使用人工智能仍然缺乏明确的指导方针或立法。这份报告讨论了可以指导金融部门形成有效的人工智能监管的关键原则，包括基于风险的方法的必要性，纳入伦理考虑因素，以及在创新和消费者保护之间保持平衡的重要性。该报告为学术界、金融业和监管机构提供了建议。
This report examines Artificial Intelligence (AI) in the financial sector, outlining its potential to revolutionise the industry and identify its challenges. It underscores the criticality of a well-rounded understanding of AI, its capabilities, and its implications to effectively leverage its potential while mitigating associated risks. The potential of AI potential extends from augmenting existing operations to paving the way for novel applications in the finance sector. The application of AI in the financial sector is transforming the industry. Its use spans areas from customer service enhancements, fraud detection, and risk management to credit assessments and high-frequency trading. However, along with these benefits, AI also presents several challenges. These include issues related to transparency, interpretability, fairness, accountability, and trustworthiness. The use of AI in the financial sector further raises critical questions about data privacy and security. A further issue identified in this report is the systemic risk that AI can introduce to the financial sector. Being prone to errors, AI can exacerbate existing systemic risks, potentially leading to financial crises. Regulation is crucial to harnessing the benefits of AI while mitigating its potential risks. Despite the global recognition of this need, there remains a lack of clear guidelines or legislation for AI use in finance. This report discusses key principles that could guide the formation of effective AI regulation in the financial sector, including the need for a risk-based approach, the inclusion of ethical considerations, and the importance of maintaining a balance between innovation and consumer protection. The report provides recommendations for academia, the finance industry, and regulators.