Is Artificial Intelligence (AI) already replacing jobs in the finance sector? ... driving the USA economy? ... shaping the global economy?
No doubt many have heard of BlackRock's AI system, Aladdin (Asset, Liability, and Debt, Derivative Investment Network), which is:
- mentioned on the BlackRock history webpage, 2000 - (
https://www.blackrock.com/corporate/about-us/blackrock-history),
- described on the UCL FTR website, (
https://www.uclftr.com/post/blackro...-why-ai-is-shaping-the-future-of-banking), and
- discussed in an entry on Wikipedia (
https://en.wikipedia.org/wiki/Aladdin_(BlackRock)).
Investment funds, such as individual retirement accounts, may be meted out to companies with high
Corporate Social Responsibility (CSR) scores. These scores are determined by "B Lab" as described on the B Lab "About" webpage (
https://www.bcorporation.net/en-us/movement/about-b-lab/) and on Investopedia (
https://www.investopedia.com/b-corp-7488828).
Surely there exists the opportunity for errors in data collection. As one example, for over a decade I have received mail from an ever-growing number of commercial entities, traceable to a typographical error made by a specific firm when entering data into their system. Although I notified the firm multiple times, they chose not to dedicate their time to error correction and follow-up, describing this as an inefficient process and a waste of time... but rather the firm chose to continue replicating, selling, and disseminating their erroneous data. Although the consequences in this example may be minor, the large scale impact of similarly erroneous data or dirty data may be far-reaching and negative when processed rapidly and on a broad scale through automation driven by Artificial Intelligence.
University College London - Finance & Technology Review (UCL FTR) covers a variety of topics related to Data and AI:
- The future of Trading... intelligent systems which drive algorithmic trading at finance powerhouses.
- The AI Incident Database: Documenting AI gone Wrong... the importance of understanding failures and biases of AI systems.
- Interview with Didier Vila (Global Head of Data Science at QuantumBlack)... AI biases and data privacy concerns.
