Dr Mili Shrivastava, Principal Academic in Strategy at BU, has provided evidence to a Parliamentary committee looking at the use of artificial intelligence (AI) by the UK’s financial services.
The written evidence has been published as part of the AI in financial services inquiry, being run by the Treasury Committee.
The inquiry is exploring how the UK financial services can take advantage of the opportunities in AI while mitigating any threats to financial stability and safeguarding financial consumers, particularly those who are vulnerable.
It is estimated that 75% of firms in the UK financial services already use AI, for everything from fraud detection to streamlining decision-making processes, and customer service.
Dr Shrivastava, who is also Deputy Head of the Centre for Sustainable Business Transformations, researches how AI and emerging technologies can be harnessed to foster inclusive innovation and drive sustainable business practices.
Her written evidence highlights the low representation of women and minority groups in AI and STEM, with only 22% of AI professionals being women. This lack of diversity could risk biased AI systems, which have the potential to perpetuate and even amplify gender biases – for example, by favouring male-led start-ups when issuing loans or neglecting the unique financial needs of women.
Dr Shrivastava recommends that financial institutions should implement rigorous audits and continuous monitoring of AI systems to detect and correct biases.
Firms should also ensure that their AI applications are designed with accessibility in mind to support employers and customers with disabilities and diverse needs.
She adds that programs such as mentorships, scholarships and outreach activity should be employed by financial institutions and tech companies to increase female representation in the AI workforce.
Writing in her evidence, Dr Shrivastava said: “These recommendations can create a more inclusive, fair, and equitable financial services industry, where AI technologies are used to empower all individuals regardless of gender, background, or ability.”
