How Artificial Intelligence Effect the Fairness of Financial Industry

Abstract

The development of the financial industry has always been closely intertwined with technological advancements. In this Internet age, artificial intelligence (AI) emerges as a pivotal force driving the new round of scientific revolution and industrial transformation, penetrating nearly every aspect of financial sector, becoming a non-negligible factor in financial area. This article examines and analyses the impact of AI on the fairness of financial industry. It argues that the comprehensive information processing capabilities AI has do facilitate fairness people expected, specifically reflected in these three aspects: narrowing service quality disparities through personalized services for users, enhancing the inclusivity of the financial industry through the proliferation of technology, and fostering fair competition in financial sector through digitally driven regulatory methods. However, due to the information biases and the adaption limitations AI has, problems like algorithms discrimination and digital gap may occur, ends up with exacerbating the social inequity existing in financial industry.