AI principles should pave way for open probes on data usage

THERE is gnawing unease when it comes to the use of artificial intelligence (AI) for data processing by financial institutions. But as the AI principles launched by the Monetary Authority of Singapore (MAS) have begun to suggest, the more critical question is how consumers should be empowered to hold banks and insurers accountable for the ethical and accurate use of AI.

To unpack this, let's look at the common worry over AI today. This concern is that the use of AI would lead to greater discrimination in the financial system, as financial institutions look to further segment their clients by using data.

The ensuing worry is that individuals would be cut out from the financial system on the basis of their race, gender, age, and income, among other factors, thereby exacerbating levels of inequality in various forms.