Skip to main content

Ethical Considerations About the Implications of Artificial Intelligence in Finance

  • Reference work entry
  • First Online:
Handbook on Ethics in Finance

Abstract

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.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Institutional subscriptions

References

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Raphael Max .

Editor information

Editors and Affiliations

Section Editor information

Rights and permissions

Reprints and permissions

Copyright information

© 2021 Springer Nature Switzerland AG

About this entry

Check for updates. Verify currency and authenticity via CrossMark

Cite this entry

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. https://doi.org/10.1007/978-3-030-29371-0_21

Download citation

Publish with us

Policies and ethics