Consumer Reports calls for strong safeguards to ensure fintech products are affordable, transparent and trustworthy for consumers Consumers Union
Financial Services & Fintech: The fintech industry faces increased regulatory pressure to demonstrate the ethical and responsible use of AI in its products. This requires a shift towards more transparent and fair AI practices, potentially impacting the speed of innovation and requiring significant investment in compliance and XAI technologies.
Financial institutions deploying AI in fintech need to invest in tools and processes for monitoring algorithm performance, detecting bias, and providing clear explanations to customers regarding AI-driven decisions. Implementing robust model governance frameworks is crucial to comply with emerging regulations and maintain customer trust.