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Ethical Considerations About the Implications of Artificial Intelligence in Finance

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Handbook on Ethics in Finance


New technological possibilities with artificial intelligence (AI) are about to disrupt the financial system. The changes will bring about many opportunities and benefits for the industry, its customers, and the society. The savings in costs and efficiency gains, the more reliable adherence to compliance guidelines, and the improvement of the service offers for customers would be examples of the advantages. In this chapter, we describe the ethical implications of AI on finance. The use of AI in the financial industry does not only raise questions of ethical responsibility and legal accountability, but also include more general issues. Other ethical challenges that must be addressed in a discourse in society are the individualization of service offerings, the ownership and security of data collections, the destruction of numerous jobs in the financial industry, and the systemic risks arising from consolidation using AI. Based on this comparison, we derive normative implications that we hope will contribute to the discourse on how to deal with AI in society.

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Correspondence to Raphael Max .

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Max, R., Kriebitz, A., Von Websky, C. (2021). Ethical Considerations About the Implications of Artificial Intelligence in Finance. In: San-Jose, L., Retolaza, J.L., van Liedekerke, L. (eds) Handbook on Ethics in Finance. International Handbooks in Business Ethics. Springer, Cham.

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