FinTrust: A discussion of technical, social and ethical approaches to establish trust in FinTech
Karen Elliott, Ehsan Toreini, Kovila Coopamootoo and Mhairi Aitken, Newcastle UniversityFinTech
FinTech represents a fast-developing industry underpinned by data-dependent technologies. Through innovation in FinTech, the financial industry as a whole is evolving and adopting new technologies and data-intensive practices. Much of the innovation led by FinTechs is underpinned by Artificial Intelligence (AI) and data-driven technologies. Beyond the FinTech industry, recent years have witnessed a number of high profile controversies around data misuse and AI which have focused attention at the need to pursue ethical approaches to digital innovation. In particular, there is significant interest in ensuring that AI is developed and deployed in ways which are responsible, fair and trustworthy.
In this breakout session, we will consider what this means for the FinTech industry and will discuss some of the approaches needed to ensure ethical and socially acceptable innovation in finance.
This session will discuss cutting-edge research being conducted at Newcastle University relating to FinTech and how public trust can be established in new financial technologies. We will present findings from three studies which are part of the EPSRC-funded FinTrust project. The three presentations will explore:
1) Technical approaches for measuring and evaluating fairness in automated processes (for example, applications of AI in financial decision-making).
2) Individuals’ preferences for using AI-powered financial services, in particular discussing findings from our study into customer trust in chatbots for financial advice.
3) How can we establish a social licence for digital innovation in finance? Reflecting on sociological research to consider the conditions needed to ensure new financial products and services are socially acceptable.
The session will discuss ethical, social and technical aspects of FinTech and consider the importance of these for the future growth and sustainability of the FinTech industry.
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