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ChatGPT in finance: Applications, challenges, and solutions.
Muhammad Salar Khan1, Hamza Umer2
1Schar School of Policy and Government, George Mason University, USA.
Heliyon
|February 2, 2024
Summary
Generative artificial intelligence (AI) tools like ChatGPT offer financial applications but raise ethical concerns. Responsible implementation requires addressing bias, privacy, and job displacement through proactive strategies and policy development.
Area of Science:
- Finance
- Artificial Intelligence Ethics
- Technology Policy
Background:
- Generative artificial intelligence (AI), exemplified by ChatGPT, is transforming the finance industry by enabling natural language interactions.
- The integration of ChatGPT in finance necessitates a thorough examination of associated ethical considerations for responsible deployment.
Purpose of the Study:
- To explore the applications of ChatGPT within the financial sector.
- To identify and analyze the ethical challenges posed by ChatGPT in finance, including bias, misinformation, privacy, transparency, job displacement, and legal complexities.
- To propose policy recommendations for the ethical governance of AI in finance.
Main Methods:
- Policy analysis of ethical challenges associated with ChatGPT in finance.
- Review of existing literature on AI ethics and financial technology.
- Development of strategic recommendations and policy proposals for financial institutions.
Main Results:
- Identified significant ethical risks including biased outcomes, data privacy breaches, lack of transparency, and potential job displacement.
- Highlighted the complex legal landscape surrounding AI in financial services.
- Emphasized the need for proactive risk mitigation strategies by financial institutions.
Conclusions:
- Financial institutions must develop robust ethical frameworks to manage the risks associated with ChatGPT.
- Proactive policy development is crucial to ensure the responsible and beneficial use of AI in finance.
- Addressing ethical considerations is paramount to safeguarding individuals and society while leveraging AI advancements.
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