Harmonizing Philosophical Perspectives for Ethical AI in Finance
Ram B. Ramachandran, Mahek Saket Shah, Anshi Gopinath · 2025
The rapid advancement of artificial intelligence (AI) in the financial services sector has brought about unprecedented opportunities and challenges, necessitating a deep philosophical exploration of its ethical implications. This chapter delves into the pluri-perspective western philosophical considerations surrounding AI ethics in finance, drawing from various ethical frameworks and schools of thought. The chapter begins by situating the discussion within the broader context of AI ethics, highlighting the unique challenges posed by the financial services sector, especially the banking sub-sector. It then proceeds to examine AI ethics through the lens of different philosophical traditions. We then align the AI ethics values as set by UNESCO to the key business values that drives top financial institutions across the globe. The chapter then shifts to detailing the five business values across the four philosophical frameworks and its impact across financial institutions. The chapter concludes by synthesizing the insights from the various philosophical perspectives and proposing a pluri-perspective framework for navigating the ethical complexities of AI in finance, especially banking. It argues that by engaging with diverse philosophical traditions, we can develop a more nuanced and comprehensive approach to AI ethics that recognizes the inherent tensions and trade-offs involved.