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Money, Power, and AI: Automated Banks and Automated States

Money, Power, and AI: Automated Banks and Automated States

Author: Zofia Bednarz; Monika Zalnieriute
Publisher: Cambridge University Press
ISBN: 9781009334327
Published In: November 2023
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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In this ambitious collection, Zofia Bednarz and Monika Zalnieriute bring together leading experts to shed light on how artificial intelligence (AI) and automated decision-making (ADM) create new sources of profits and power for financial firms and governments. Chapter authors—which include public and private lawyers, social scientists, and public officials working on various aspects of AI and automation across jurisdictions—identify mechanisms, motivations, and actors behind technology used by Automated Banks and Automated States, and argue for new rules, frameworks, and approaches to prevent harms that result from the increasingly common deployment of AI and ADM tools. Responding to the opacity of financial firms and governments enabled by AI, Money, Power and AI advances the debate on scrutiny of power and accountability of actors who use this technology. This title is available as Open Access on Cambridge Core.

Foreword by Frank Pasquale

Introduction Monika Zalnieriute and Zofia Bednarz

1. AI in the financial sector: policy challenges and regulatory needs

Teresa Rodríguez de las Heras Ballell

2. Demystifying consumer-facing fintech: transparency and accountability in automated financial advice tools

Jeannie Paterson, Tim Miller and Henrietta Lyons

3. Leveraging AI to mitigate money laundering risks in the banking system

Doron Goldbarsht

4. AI opacity in financial industry and how to break it

Zofia Bednarz and Linda Przhedetsky

5. The automated welfare state: challenges for socio-economic rights of the marginalised

Terry Carney