AI-First: Using AI Responsibly

Artificial Intelligence (AI) technologies have immense potential to generate value for organizations. However, they also carry certain ethical risks, as decisions taken by systems, relying purely on data without any human involvement, could turn out to be inaccurate, biased, opaque, or hard to justify.

Responsible AI is an approach to developing and deploying AI technologies in an ethical, transparent, and fair manner in accordance with the law. The goal of responsible AI is to ensure that the decisions taken to create AI systems produce equitable and beneficial outcomes. In responsible AI, human well-being, and values such as fairness, reliability, and accountability are at the heart of system design.

With AI use cases expanding rapidly, financial institutions will need support to adopt AI solutions responsibly. An AI-First framework can guide them to try AI as the first option to solve any problem and prioritize the various use cases in order of value.

Financial institutions need to increase the adoption of responsible AI without delay, not only out of respect for ethics, fairness, and other values, but also to maximize AI’s transformative impact on their business.