World Economic Forum experts: AI can destabilize the financial system

World Economic Forum experts: AI can destabilize the financial system

Global Financial and Monetary Systems in 2030

Artificial intelligence is not ready for the financial industry. This conclusion was reached by the experts of the World Economic Forum.

Artificial intelligence will change the world of finance over the next decade, automating investments and other industries. However, at the same time, it can also lead to the emergence of systematic weaknesses and risks according to new report World Economic Forum.

The material was created based on interviews with dozens of leading financial experts and industry leaders. The authors of the report concluded that artificial intelligence can implement complex financial management and control systems. Machine learning has also become one of the main topics, because it is with its development in the future that humanity can get rid of the routine work that robots will perform..

One of the authors of the report, Jesse McWaters, noted the following in his speech: «The dynamics of machine learning creates a strong incentive for the development of the networked operations and accounting unit. The more connected our world becomes, the more vulnerable it becomes to the risks associated with cybersecurity».

In other words, financial systems that include machine learning can be a great target for hackers and the epicenter of system failure..

Wall Street strives to harness the full benefits of machine learning and the power of artificial intelligence. Financial firms are interested in innovation, since they can not only increase income, but also create new facets of work.

Hedge funds and banks are hiring AI researchers at a pace that the industry is under pressure. And few people care about the fact that trade automation has already created systemic risks, as evidenced by frequent program failures..
Malfunctioning programs can become a major security problem. In the event of a failure, the financial world can suffer colossal losses. Summing up the report, experts agreed that the level of development of modern AI is not only insufficient for solving serious problems, but also dangerous, since its mistakes can ultimately cost a lot..

World Economic Forum experts: AI can destabilize the financial system

For AI to work competently with money, specialists are needed. To solve the problems of AI in the financial sector and other areas, the Faculty of Artificial Intelligence has been created in Russia.

text: Evgeniya Likhodey

World Economic Forum experts: AI can destabilize the financial system