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It is no surprise that AI (Artificial Intelligence) has taken the world by storm as it is what consumers heavily rely on today especially in the FinTech world with companies like Mytalu. However, with the sudden rise of it and due to its advanced technology, it has had a mixed impact on society mainly due to social justices/ injustices and security which are the topics that are explored in this week’s blog post.


1. Inclusion/justice

Artificial intelligence (AI) has definitely had a positive overall impact as it has opened doors for many businesses of varying sizes to extend their services to a wider demographic including rural/remote areas. This can be seen as positive as it promotes equality across all races and demographics as in the context of FinTech and online banking, rural areas may not have constant access to banking facilities. Therefore, in that sense artificial intelligence contributes to economic justice in terms of widening accessibility.

 2. Injustices

Although artificial intelligence has its advantages, due to the data being completely computer generated it can potentially repeat social biases and discrimination due to their selected variables which affect issues like race, gender or religion. These issues can particularly be seen in classification systems like facial ID and biometrics which may give false data. However, with the framework of Artificial Intelligence the chances of this happening are only slight as it is more of a case of it not being guaranteed that there will be no discrimination and the information being not completely accurate.

 3. Data storage

The fact that through artificial intelligence, ample amounts of data can be stored which brings concerns of the security around. This can potentially pose a security risk in case of any data breaches or misplaced data which would be detrimental to all parties involved. Fortunately, the advances of AI have caused there to be excellent cybersecurity systems in place within a sector like FinTech such as blockchain which would potentially prevent any cyber-attacks from occurring.


 4. Adaptation & Regulation

As a result of such mixed reactions to Artificial Intelligence within society, some countries have gone to the extent of adapting their regulations for AI systems for instance in Italy Chat GPT was banned for a while before it was unbanned. Other instances like this also include China who have the most AI legislation as well as Canada who have banned some practices with the way Artificial Intelligence data is collected and used.


 What does it mean for the future?

Overall, the future of artificial intelligence remains very bright, and it is exciting to see what the future holds. Having looked into how it impacts society through justices, injustices and other surrounding concerns, it is clear that the positives and consumers reliance on it outweigh the concerns of it being not fully reliable. Ultimately, as long as it continues to improve and tackle the current issues it raises amongst society there is a chance for Artificial Intelligence systems to become even more accurate over time.

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