AI has saturated our content streams this year. Whether it’s the latest generated image trend, a scandalous AI “hallucination” in a news feed, or an entertaining (albeit chilling) chatbot conversation – it’s likely you’ll have had some interaction with the technology on your news feed.
For financial services, it has sparked an era of promise. Applications have leveraged AI to enhance their offerings, and as the technology’s development has continued, it’s set to be integrated even more.
However, it has sparked concerns. Privacy and bias have proved to be legitimate issues in the development of AI-driven financial products. Left unchecked, it could have serious implications on the wider ecosystem.
Addressing privacy, ethics, and workplace uncertainty, it’s the announcement many have been waiting for, setting in motion a deployment of regulatory safeguards that have been percolating in the background.
The executive order builds on voluntary commitments the White House previously secured from leading AI companies.
FROM FINTECH NEXUS
AU10TIX report goes inside the mind of the professional fraudster By Tony Zerucha A look behind the numbers in AU10TIX’s Q2 2023 Global Identity Fraud Report gives clear insight into the mind of the professional fraudster. The report analyzed millions of global transactions from April through June 2023 to identify industry-specific patterns.
USA: Inside the War Between Square and Cash App at Dorsey’s BlockAs CEO of Twitter, Jack Dorsey was widely panned for his hands-off style, seen as contributing to the company’s uneven growth and slow-to-evolve culture, which paved the way for last year’s takeover by Elon Musk. Dorsey’s other public company, Block, originally known as Square, has a whole different problem: Its divisions feud so intensely they can’t agree on even minor points of cooperation.
Isabelle is a journalist for Fintech Nexus News and leads the Fintech Coffee Break podcast.
Isabelle's interest in fintech comes from a yearning to understand society's rapid digitalization and its potential, a topic she has often addressed during her academic pursuits and journalistic career.