Responsible AI in Financial Services: Foundations and Future

There has been an accelerated uptake of AI by organisations throughout the financial services industry. In line with this trend, we’re seeing an intensifying focus on the need for fairness, ethical consideration, accountability and transparency (FEAT) in AI and Data Analytics-powered decision-making.

Industry stakeholders worldwide agree on the need for standardised, consistent principles governing the use of AI and its outcomes. However, given the relative novelty of these technologies, there’s been little alignment on key actions required to develop and promote the collaborative, consistent and global adoption of Responsible AI(RAI) standards.

Shining a spotlight on this critical issue, the Monetary Authority of Singapore (MAS), Elevandi and Accenture convened a roundtable on RAI at the 2022 Singapore Fintech Festival (SFF).

One central aim of our roundtable was to underline the need for clear RAI frameworks, as well as examining ways in which large-scale adoption of responsible AI solutions can be facilitated. The following report is based on discussions between expert participants – global banks and insurance companies, technology service providers and regulators – represented at the event.

Overall, participants agreed that clarity on regulation will be a crucial catalyst for further innovation in this space, helping to establish a level playing-field that will allow continued investment in RAI with ever greater certainty.

Participants also agreed on the need for industry alignment and explored how more consistent standards might best be collaboratively developed and effectively introduced – as well as looking ahead to the positive impacts this would have for the industry.

This report provides details into this insightful discussion.