If 2023 was the year of AI hype, will 2024 be the year of AI governance and responsibility?
We ended 2023 with AI dominating our headlines. And as we begin the new year, the AI story continues.
According to Crunchbase data, generative AI and AI-related start-ups raised approximately $50 billion in 2023, including the likes of OpenAI and Anthropic. Despite the hype, however, there are still a few bridges yet to be crossed, from hallucinations to deepfakes, and considerations around accountability and responsibility.
[1] Whose interests does the technology evolution truly serve and who is this technology truly for?
[2] With voice cloning technologies becoming more readily available and with unparalleled precision, how can we best combat fraud and protect people from harm?
[3] The increased coupling between technology and financial services is transforming the risk landscape as we know it. Are we prepared?
At the end of the day, while it is important to innovate and take advantage of the positive potential of AI, we must also be aware of the risks and harm that it can bring and foster a pathway that will prioritise human well-being and equity. And as the saying goes, just because we can do it, doesn’t mean we should.
AI will change how we work, earn, and live. We must ensure that issues around privacy, fairness, and biases are addressed, and safeguards are put in place so that more people can realise the benefits of the technology. Ultimately, it’s about what the technology can deliver, and not the shiny new toy itself.
Read the full article on Fintech Futures here.
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