ETHICAL AI IN BANKING: BALANCING INNOVATION WITH RESPONSIBILITY

Karthika Gopalakrishnan

Authors

Karthika Gopalakrishnan Data Scientist, USA. Author

Keywords:

Ethical AI, Banking, Bias, Transparency, Accountability, Data Privacy, AI Governance

Abstract

The integration of Artificial Intelligence (AI) in banking promises enhanced efficiency, personalized services, and innovative solutions. However, the deployment of AI in this sector is fraught with ethical challenges, including bias, transparency, accountability, and data privacy concerns. This paper explores the pitfalls associated with implementing AI-based solutions in banking and proposes strategies for integrating ethical considerations to mitigate these challenges. Through examining real-world case studies and existing frameworks, we provide recommendations for banking institutions to adopt Ethical AI, ensuring trustworthiness, compliance, and societal benefit.

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