MADISON, Wis.–The Filene Research Institute has released a new report, “Ethical and Legal Concerns of Using Artificial Intelligence.”
The report notes that despite the computing power AI offers, credit unions face challenges in understanding many of the privacy implications behind the use of this technology.
“The biggest challenge is understanding the technologies behind AI and data gathered and distributed through the technology to make informed business and strategic decisions,” Filene said.
The Filene report offers a number of recommendations regarding the use of AI, including:
- Develop metrics for evaluating an AI-based product or process that asks about the ethics of the application rather than focusing only on the business proposition.
- Use existing cooperative frameworks to develop training and educational programs for credit union leaders on what AI is and how it manifests in the financial sector, members’ lives, and credit union processes.
- Educate members about AI and what the technology means to them as consumers. Armed with this knowledge, consumers may be more likely to recognize that credit unions’ care in evaluating AI for ethical and legal concerns benefits them.
- Drive the development of future regulatory frameworks. Credit unions can educate regulators on the technical and societal implications of AI-based solutions as those policymakers consider how to develop future regulatory frameworks.
‘Implicit Social Contract’
“The implicit social contract governing AI is still being shaped within the marketplace as the technology becomes an everyday part of consumers’ lives,” Filene said. “Credit unions are trusted institutions with a deep commitment to making decisions that are in members’ best interests.”
According to Filene, credit unions can set themselves apart from other financial institutions by understanding the implications of data gathering on their members’ lives, using data responsibly, and demanding that their vendors do so as well.
For info: www.filene.org