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Author/Editor:
Ghiath Shabsigh ; El Bachir Boukherouaa
Publication Date:
August 22, 2023
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
In recent years, technological advances and competitive pressures have fueled rapid adoption of artificial intelligence (AI) in the financial sector, and this adoption is set to accelerate with the recent emergence of generative AI (GenAI). GenAI is a significant leap forward in AI technology that enhances its utility for financial institutions that have been quick at adapting it to a broad range of applications. However, there are risks inherent in the AI technology and its application in the financial sector, including embedded bias, privacy concerns, outcome opaqueness, performance robustness, unique cyberthreats, and the potential for creating new sources and transmission channels of systemic risks. GenAI could aggravate some of these risks and bring about new types or risks as well, including for financial sector stability. This paper provides early insights into GenAI’s inherent risks and their potential impact on the financial sector.
Series:
Fintech Notes No 2023/006
Subject:
Artificial intelligence Economic sectors Financial crises Financial Sector Fintech Technology
Frequency:
occasional
Publication Date:
August 22, 2023
ISBN/ISSN:
9798400251092/2664-5912
Stock No:
FTNEA2023006
Format:
Paper
Pages:
24
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