Reported about 1 year ago
In a June 29, 2024 editorial, it was discussed how artificial intelligence (AI) is influencing various industries, including finance. Nearly 99% of financial services in the United States have already applied AI in different ways by 2023. While AI is seen as a symbol of technology and profit, regulators in the US, UK, and other countries have recently issued warnings and regulations regarding AI applications in order to prevent potential risks. The concerns primarily stem from the societal impact of AI potentially causing widespread job displacement and widening the wealth gap, as well as the risks AI applications may pose to financial markets by increasing systemic risks and market instability.
Source: YAHOO