The transformative power of artificial intelligence (AI) in the fintech sector promises unprecedented efficiency and customer service improvements, according to a report unveiled at Money 20/20 by Acrew Capital, which showed 76% adoption among financial institutions. Yet, there's a growing concern that overregulation could stifle this innovation. Critics argue for a light-touch regulatory approach, ensuring that the market drives AI advancements without being bogged down by cumbersome restrictions that could disadvantage the economy and impede technological progress.
Unleashing potential: Why excessive regulation on AI in fintech hinders growth
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Jan-20
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The promise of AI in the fintech sector is limited only by the imagination. This examines AI’s potential and cautions on the balancing act to ensure it is safely deployed At Money 20/20 last year, Acrew Capital launched a report that revealed that 76% of Fina…
From Biztoc.com
Jan-20
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As artificial intelligence (AI) continues to restructure the fintech landscape, the urgent need for comprehensive regulations to prevent inequality and protect consumers from algorithmic bias becomes evident. Last year's Money 20/20 highlighted a report by Acrew Capital, uncovering that 76% of financial institutions are integrating AI. However, this report also raises serious concerns about the societal impacts of unchecked AI deployment, emphasizing the need for a regulatory framework that fosters innovation while ensuring that advances benefit all sectors of society equally.
From Biztoc.com