Risks of generative artificial intelligence in financial intermediation and approaches to their assessment
https://doi.org/10.34020/1993-4386-2024-3-34-43
Abstract
The subject of the study is the impact of generative artificial intelligence (GenAI) on financial intermediation and associated risks. The purpose of the study is to assess the current state of GenAI adoption in financial intermediation, identify potential risks and challenges, and explore the implications of increased use of these technologies. The relevance of the study is due to the rapid development of artificial intelligence (AI) technologies and their increasing impact on financial intermediation, which requires a comprehensive analysis and understanding of possible risks and benefits. The research methodology is based on the study of existing research on this topic,identification of current approaches to identifying risks, empirical analysis, including collection and processing of lists of risks of using GenAI and associated consequences. It is concluded that the variability of definitions in risk assessment GenAIcan create significant obstacles to consistency and coordination of actions between various market participants. Moreover, the lack of unified assessment criteria can lead to underestimation or overestimation of potential threats, which increases the likelihood of system failures and increases risks to the sustainability of the financial intermediation system as a whole.
As part of the preparation of the study, responses generated by ChatGPT about the assessment of the risks posed by GenAI were used.
About the Author
T. Zver'kova
Orenburg State University
Russian Federation
Russian Federation
Tat'yana N. Zver'kova – PhD in Economics, Associate Professor of the Department of Banking and Insurance, Orenburg State University
Orenburg
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Review
For citations:
Zver'kova T. Risks of generative artificial intelligence in financial intermediation and approaches to their assessment. Siberian Financial School. 2024;(3):34-43. (In Russ.) https://doi.org/10.34020/1993-4386-2024-3-34-43
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