at Google ScholarTitle 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 title Project's id Projektgruppe WI Digital Value Network No information |
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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.