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Potentials and Challenges of Artificial Intelligence in Financial Technologies

Title data

Fabri, Lukas ; Beck, Sebastian ; Klos, Tim ; Wetzstein, Selina ; Kaymakci, Can ; Wenninger, Simon:
Potentials and Challenges of Artificial Intelligence in Financial Technologies.
In: Proceedings of the 14th Mediterranean Conference on Information Systems (MCIS). - Catanzaro, Italy , 2022

Project information

Project title:
Project's official titleProject's id
Projektgruppe WI Digital Value NetworkNo information

Abstract in another language

Artificial Intelligence (AI) made disruptive progress over the last years, becoming a key technology across industries. In particular, AI offers novel distinctive opportunities for intelligent services in financial technology companies (Financial technologies). However, given the opportunities of AI and its associated benefits, the question arises why financial technologies fail to leverage the full poten-tial of AI. Drawing on existing literature, this paper elaborates on the opportunities and risks asso-ciated with AI in the financial sector. This paper makes two key contributions: First, we discover the present challenges in literature to demonstrate the need for explainable AI. Second, we reveal the lack of guidance for applying explainable AI in financial technologies. We derive recommendations for research, policy, and practice and argue for the increased elaboration of legal frameworks for the responsible use of AI.

Further data

Item Type: Article in a book
Refereed: Yes
Keywords: Artificial Intelligence; Explainable Artificial Intelligence; FinTech
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Professor Information Systems and Digital Energy Management
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Professor Information Systems and Digital Energy Management > Professor Information Systems and Digital Energy Management - Univ.-Prof. Dr. Jens Strüker
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Chair Business Administration XVII - Information Systems and Value-Based Business Process Management
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Chair Business Administration XVII - Information Systems and Value-Based Business Process Management > Chair Information Systems and Value-Based Business Process Management - Univ.-Prof. Dr. Maximilian Röglinger
Research Institutions
Research Institutions > Affiliated Institutes
Research Institutions > Affiliated Institutes > Fraunhofer Project Group Business and Information Systems Engineering
Research Institutions > Affiliated Institutes > FIM Research Center Finance & Information Management
Result of work at the UBT: Yes
DDC Subjects: 000 Computer Science, information, general works > 004 Computer science
300 Social sciences > 330 Economics
Date Deposited: 21 Sep 2022 12:18
Last Modified: 21 Sep 2022 12:18
URI: https://eref.uni-bayreuth.de/id/eprint/71937