Ethical Considerations in AI Applications in Finance: Frameworks, Transparency, Accountability, and Case Studies

Abstract

This research addresses ethical considerations in AI applications within finance. With AI's increasing integration into financial operations, the need for robust ethical guidelines is evident. The proposal explores tailored ethical frameworks for AI in finance, emphasizing transparency, explainability, accountability, and real-world case studies. It adapts established ethical frameworks, providing practical guidance for stakeholders. The research underscores the significance of transparency and explainability, exploring methods for ensuring these attributes in financial AI applications. It delves into accountability and responsibility concepts, clarifying stakeholder and regulatory roles. Real-world case studies offer insights into ethical dilemmas and resolutions. The goal is to heighten awareness and understanding, enabling the development of responsible, ethical, and sustainable AI applications in finance.