Financial inclusion still problematic with AI
It’s long been assumed that technology will help the financially underserved access the banking services they need.
In this interview with American Banker, our Founder, Christine Duhaime, of the Digital Financial Institute, says this assumption may need some adjusting, and that some tech advances are already starting to have unanticipated adverse effects on the financially disadvantaged.
Banks will have to think creatively — by teaching people to code and maybe even making house calls — to ensure they provide fair access to services. It’s long been assumed that technology will help the financially underserved access the banking services they need but that isn’t the case when we look at people with disabilities and transient workers paid in cash, for example. She argues that financial services are a human, not a contractual, right.
Conscientious, legal and ethical approach to AI
In this interview, the dialogue covers the need to change our countries to ones that are science-based with AI strategies, and while we should not stand in the way of innovation in AI, we need policies to keep the masses who will be rendered unemployable employed. Arguably, executives and governments need to think outside the box and teach large groups of employees how to code now. Instead of unemploying them, corporations should build coding programs in-house. Law and ethics should be an integral part of AI, and especially constitutional rights.
Press play below to listen to the interview.