Expert Urges Ethical Use of AI in Finance

 Omolabake Fasogbon

As artificial intelligence continues to gain ground in finance, the need for ethical application of the tool has been stressed to caution against its misuse. 

This was even as the imperfections peculiarity of the tool has led several astray, coupled with its abuse, leading to inefficiency in financial efforts.

Speaking on, “Future of Finance and Artificial Intelligence: Striking the Balance between Innovation and Disruption” at the Finnovation Conference of the Investment Society, University of Ilorin, Founder OGE Professional Services, Prof. Godwin Oyedokun, admitted that AI had revolutionised various facets of finance, noting in particular that the ever-evolving nature of the discipline would be needing AI to scale. 

Oyedokun, who recognised finance role in driving economic growth, allocating resources efficiently, and managing risks submitted that AI has proven to be of maximal benefits in financial fields, such as enhancing fraud detection, streamline operations, personalise financial service and aiding algorithm trading. 

He noted that the positive future of finance and artificial intelligence remained promising for innovation and disruption.

“From technological advancements and disruptive business models to social innovations and sustainable solutions, innovation plays a central role in shaping the future of societies, economies, and the planet,” he added.

He however stressed a need for establishment of regulatory framework that will promote transparency, accountability and ethical use of AI. 

“This will help reduce bias, foster regulatory compliance, human-AI collaboration, fair competition as well as continuous monitoring and evaluation, amongst others,” he added.