Credit Shift - Customer Duty of Care

An intriguing development in the UK is the concept of the Customer Duty of Care, which encompasses notions of fairness and value delivered to customers. However, determining what constitutes value and whether customers truly comprehend it sparks a profound conversation.
For more:
The blog, AI in Business - Adoption, Ethics and Data: www.webio.com/...
The full podcast: • Pathways to AI Excelle...
Regulatory bodies like the Financial Conduct Authority (FCA) have actively engaged in discussions surrounding these issues. The FCA, operating on a principle-based regulatory approach, outlines the desired outcomes without specifying the exact methods. This approach offers flexibility but also presents difficulties in ensuring compliance.
And so, navigating the ethical dimensions of AI deployment necessitates acknowledging the subjectivity of ethics and fairness.&nbspCompanies must establish robust ethical guidelines and governance structures while considering regional compliance variations.
The Impact of AI on Financial Inclusion
AI has the potential to enhance financial inclusion by addressing data gaps and offering services to traditionally underserved communities. Examples of innovative solutions are those that leverage AI and data analytics to extend credit and banking services to a broader audience.