The actors that are active in the financial world process vast amounts of information, starting from customer data and account movements over market trading data to credit underwriting or money-laundering checks. It is one thing to collect and store these data, yet another challenge to interpret and make sense of them. AI helps with both, for example, by checking databases or crawling the Internet in search of relevant information, by sorting it according to predefined categories or by finding its own sorting parameter. It is hence unsurprising that AI has started to fundamentally change many aspects of finance. This chapter takes AI scoring and creditworthiness assessments as an example for how AI is employed in financial services (Section 16.2), for the ethical challenges this raises (Section 16.3), and for the legal tools that attempt to adequately balance advantages and challenges of this technique (Section 16.4). It closes with a look at scoring beyond the credit situation (Section 16.5).
in: Smuha, Nathalie A. (ed.): The Cambridge Handbook of the Law, Ethics and Policy of Artificial Intelligence, Chapter 16, pp. 322-338,
2025
