18 Mar 22
Ethical artificial intelligence
Avoid human bias in artificial intelligence
As the adoption of artificial intelligence (AI) in various sectors, including the financial industry, accelerates and entrusting business processes to AI becomes more commonplace, the importance of ensuring ethical and fair AI-driven decisions cannot be overstated. Avoiding unethical, discriminatory decisions in AI systems is a major concern for financial institutions.
AI development goes beyond simple compliance – it is about creating a sustainable, trustworthy, and responsible technological ecosystem. By prioritizing fairness, transparency, accountability, and privacy, organizations can build AI systems that serve as powerful tools for societal good.
USD 35 billion
was estimated to be invested by the financial industry in 2023
Source: Statista
33%
of financial services leaders consider unclear governance and ethical frameworks as a barrier
Source: EY financial services GenAI survey, 2023
77%
of financial services leaders are confident they can mitigate AI risk
Source: KPMG survey, 2023
Avaloq’s approach to ethical AI
Avaloq ensures a high standard of ethics in AI by employing sophisticated monitoring tools and embracing AI regulation. Our predictive models benefit from an auditable end-to-end data governance process, including data lineage tracking, automated logging of predictions, and row-level security.
Furthermore, the close collaboration of the Avaloq data science team and NEC Laboratories allows us to leverage NEC’s expertise in automatically monitoring AI systems by applying bias and population shift tests directly on encrypted data.
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“I propose to consider the question, ‘Can machines think?’”
Alan Turing, 1950
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