Building Trust through Sound Governance
Patricia Shaw · 2020
Artificial intelligence may be disruptive, but its impact for good is not inevitable. The financial services sector can act by increasing trust, transparency, ethics and by giving “consumers control over data to Big Tech”. This requires data mobility, digital identification, security and incorporating ethics by design in its governance. The consumer should understand the whole bargain: the opportunities, the risks, the opportunity costs, and the impact. The bargain to be conscionable demands effective communication and TRUST: Transparency, Responsibility, Understanding, Stewardship and Truth. Without TRUST, consumers won't use the firm's services, and adopt new technology or share their data. This chapter describes three ethical challenges for firms: the balancing act; seizing the opportunity to produce real benefit whilst understanding the tensions; and seizing the opportunity whilst understanding the trade-offs. For ethical governance to be impactful, it must be empowered to affect corporate decisions, without which it will provide no meaningful mitigation of unethical outcomes.