Recent technological advancements and competitive pressures have led to a rapid integration of artificial intelligence (AI) in the financial industry. This trend is expected to gain momentum due to the emergence of generative AI (GenAI), a significant advancement that enhances its applications across various areas within financial institutions. Despite its benefits, there are inherent risks associated with AI technology in finance. These risks include biases in AI algorithms, concerns about privacy, lack of transparency in outcomes, the need for robust performance, unique cybersecurity threats, and the potential to create new systemic risks. The introduction of GenAI could exacerbate these risks and introduce new ones, potentially affecting the stability of the financial sector.
This paper aims to offer early insights into the risks tied to GenAI and how they might impact the financial industry. To read the full article, click here.
By FCCT Editorial Team
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