Artificial Intelligence (AI) is transforming numerous sectors of economic activity, including finance, from banking to risk management, and 83% of European banks already use this technology when six years ago only half of them used it. European banking entities.
These are data presented in a presentation given by the professor of Economic Analysis at the University of Valencia (UV) Santiago Carbó in an applied AI training program at the College of Economists of Valencia.
That 83% rises to 98.3% if you take into account European banks that are immersed in different phases of technology implementation.
Among the applications in which AI is most used is ‘algorithmic trading’, which executes financial operations automatically; ‘Robo-advisors’, automated financial advisors that optimize investments; and in fraud detection, in which AI identifies patterns of fraudulent transactions in real time.
Carbó points out that AI is applied to numerous sectors and it is estimated that global GDP in 2030 could be up to 14% higher due to the use of this technology.
It would be the services sector, which covers health, education, public services and recreation, that would see the greatest benefits, with productivity increases of up to 21%.
Potential to increase economic inequality
However, the economist has warned that AI has the potential to increase economic inequality if the appropriate policies are not applied, since the richest economies are those that are best preparing for the new panorama.
Some of the factors that can drive this gap are the displacement of low-skilled jobs, unequal access to this technology and the concentration of power in large technology companies.
To alleviate this situation, Carbó proposes investment in technological infrastructure, digital education programs and regulation that ensures inclusive access to technologies.
The expert also warns of the importance of regulation in privacy issues, since AI uses large volumes of personal data for its operation, and in the ethical aspect; since the automation of decisions that impact people’s lives would require human supervision, such as personnel selection processes, in which AI bias can generate discrimination.
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