AI IN FINANCIAL INDUSTRY: ETHIC ISSUES

Abstract

Now Artificial intelligence (AI) is transforming the world, making the revolution in business operation and changing business models. Artificial Intelligence (AI) has emerged as a transformative force in the financial industry, revolutionizing various aspects of financial services. With its ability to learn, reason, and make decisions on its own, AI has the potential to revolutionize the financial and business sectors of the economy. As machines take over critical decision-making processes that impact people's lives, it is important to consider the possible ethical implications of using AI. From privacy concerns to potential biases, it is important to examine the implications of AI in business and financial services. Along with the technological and managerial problems of introducing artificial intelligence technologies, ethical aspects like job cuts, confidentiality and impartiality are becoming very important. It is for this reason that ethical issues in the application of artificial intelligence (AI) have become a growing but important area of scientific research. The paper reveals that AI ethics must pay attention to the morally significant systemic consequences of AI use. The growing use of AI has brought ethicists and practitioners' attention to systemic risks that have yet to be clearly addressed in AI-related professional codes of conduct, industry standards, and ethical discussions in general. In this article, we examine the key ethical issues raised by advances in artificial intelligence and technology projects related to artificial intelligence and machine learning systems in the financial industry.