18 Mar 2022

 

Ethical artificial intelligence

Avoid human bias in artificial intelligence

As the adoption of artificial intelligence (AI) in various sectors, including the financial industry, accelerates, entrusting business processes to AI becomes more commonplace. Consequently, 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.

Key stats

  • USD 35bn

    in estimated AI investment by 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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