Abstract
Presently, generative AI has taken center stage in the news media, educational institutions, and the world at large. Machine learning has been a decades-old phenomenon, with little exposure to the average person until very recently. In the natural world, the oldest and best example of a “generative” model is the human being - one can close one’s eyes and imagine several plausible different endings to one’s favorite TV show. This paper focuses on the impact of generative and machine learning AI on the financial industry. Although generative AI is an amazing tool for a discriminant user, it also challenges us to think critically about the ethical implications and societal impact of these powerful technologies on the financial industry. It requires ethical considerations to guide decision-making, mitigate risks, and ensure that generative AI is developed and used to align with ethical principles, social values, and in the best interests of communities.
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