The Use of Responsible Artificial Intelligence Techniques in the Context of Loan Approval Processes

Purificato, Erasmo; Lorenzo, Flavio; Fallucchi, Francesca; Luca, Ernesto William De

doi:10.1080/10447318.2022.2081284

“…To sum up, incorporation of artificial intelligence (AI) into financial decision-making processes presents unprecedented opportunities for enhancing efficiency, accuracy, and innovation in the financial sector. However, this transformative technology also poses significant ethical, technical, and regulatory challenges that demand careful consideration to ensure responsible and equitable AI adoption (Ashok et al, 2022;Purificato et al, 2023). Throughout this study, we have delved into the ethical implications of AI in finance, scrutinizing key challenges such as algorithmic bias, lack of transparency, data privacy concerns, and societal implications (Ahmad, 2024;Patel, 2024;Zhang et al, 2023).…”

Section: Discussionmentioning

confidence: 99%

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2024

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“…To sum up, incorporation of artificial intelligence (AI) into financial decision-making processes presents unprecedented opportunities for enhancing efficiency, accuracy, and innovation in the financial sector. However, this transformative technology also poses significant ethical, technical, and regulatory challenges that demand careful consideration to ensure responsible and equitable AI adoption (Ashok et al, 2022;Purificato et al, 2023). Throughout this study, we have delved into the ethical implications of AI in finance, scrutinizing key challenges such as algorithmic bias, lack of transparency, data privacy concerns, and societal implications (Ahmad, 2024;Patel, 2024;Zhang et al, 2023).…”

Section: Discussionmentioning

confidence: 99%

Ethical Considerations in AI-driven Financial Decision Making

Thakur,

Sharma

2024

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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.

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“…As a practical AI tool, it facilitates the acquisition of "AI literacy" for educators and students, encompassing knowledge and skills necessary for comprehending, utilizing, and assessing the social and ethical implications of AI technology (Hagerty & Rubinov, 2019). This includes understanding AI principles, methodologies, algorithms and the ability to analyze and evaluate AI systems and their applications (Purificato et al, 2023). An essential component of AI literacy is an awareness of AI's ethical, legal, and social consequences, coupled with effective communication about AI issues and ideas (Hagerty & Rubinov, 2019).…”

Section: Introductionmentioning

confidence: 99%

Transforming Online Learning Management: Generative Models on ChatGPT to Enhance Online Student Engagement Scale (OLE)

Al Yakin,

Muthmainnah,

Apriani

et al. 2023

Idarah

2

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Artificial Intelligence (AI) technology in education is rising, with ChatGPT, an advanced AI chatbot developed by OpenAI, gaining popularity. This study focuses on exploring the potential of ChatGPT in enhancing academic learning in sociology and politics. Using a quantitative research approach, the study examines student engagement with ChatGPT in an educational setting. The research was conducted with 23 fourth-semester undergraduate students in early 2023. The findings indicate that ChatGPT generates enthusiasm and high levels of student engagement, facilitating activities such as idea exchange, discussions, analysis, and motivation. However, the integration of ChatGPT in education requires well-defined strategies and pedagogical approaches that prioritize critical thinking skills and access to fact-checking resources. The study suggests future research directions to ensure the responsible use of chatbots like ChatGPT in academic environments. Although challenges exist, such as potential bias, the need for human oversight, and risks of misuse, effective management can overcome these obstacles. Leveraging AI in education offers opportunities for students to develop an early understanding of social biases, critical elements, and risks associated with AI implementation. The study concludes with recommendations for addressing these challenges and promoting the ethical use of ChatGPT in education.

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The Use of Responsible Artificial Intelligence Techniques in the Context of Loan Approval Processes

Cited by 21 publications

References 37 publications

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Ethical Considerations in AI-driven Financial Decision Making

Transforming Online Learning Management: Generative Models on ChatGPT to Enhance Online Student Engagement Scale (OLE)

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