Ethical Considerations in AI-driven Financial Decision Making

Abstract

AI-driven technologies are increasingly shaping financial decision-making processes, prompting significant ethical considerations. This study offers an extensive exploration of the ethical ramifications linked with the incorporation of Artificial Intelligence (AI) in financial decision-making frameworks. By amalgamating insights from prevailing literature and frameworks, we scrutinize pivotal ethical challenges such as algorithmic bias, opacity, data privacy concerns, and potential societal implications. Additionally, we deliberate various ethical paradigms and proposed solutions aimed at tackling these challenges. This paper contributes to the ongoing dialogue on the ethical integration of AI in the financial realm, underscoring the criticality of embedding ethical considerations into AI-driven financial decision-making frameworks. As financial institutions strive to harness the potential of AI technologies, upholding ethical standards emerges as paramount, necessitating robust governance mechanisms and accountability frameworks. Through meticulous examination, this paper not only discerns ethical quandaries but also furnishes actionable insights for stakeholders to navigate the intricate domain of AI ethics in finance.