Ethics, Transparency and Trust (ET&T)
By Anshul Srivastav (@anshulsrivastav)
The world has paid a heavy price for trust, transparency, controls and accountability, in terms of transactional costs and subsequently leading to the pricing of products and services. In isolation every incumbent in Financial Services space has maintained, paid and will continue to pay for it to be legitimate, transparent and trustworthy.
With huge number of developments in Blockchain and AI, now is the time and wake up call for industry incumbents to collaborate and work towards the diluting the costs and passing on the benefits to the last mile consumers.
AI as a technology will externalise and democratise most optimum cognitive skills and thoughts on ethics, trust and transparency. AI alone cannot take over the ethics, trust and transparency algorithms behind our brains. AI with Blockchain can power the sources and moment of truth and completely takeover the human biases. Ethics, Transparency and Trust have been highly subjective and objectively can only be considered in contracts.
With the power of AI and its related technologies like Blockchain, all of them can be addressed. With AI we can create an ecosystem to collaborate with industry peers in terms of basics first. Low hanging fruits like single view of customer and its associated risks should be visible to all industry players. The base platform can be blockchain and on the top of algorithms written to take care of all associated risks in terms of underwriting, social media voices etc should be derived.
Organisations should now form consortiums and converge the data sets which is in many forms duplicated, used and abused on a biased basis. The key would be a framework to implement ET&T using powerful capabilities of AI.
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