Abstract:

Artificial intelligence (AI) and big data are increasingly being used in the financial sector with the intention of automating decision-making processes in an optimized manner. Contemporary finance is thus faster and more efficient in various contexts. Despite their widespread use and relative success, AI and big data suffer from many issues, which, if not handled properly, can lead to potential threats to local communities. In this work, we highlight these threats and various scenarios under which they may be realized, with the intention of opening debate about the impact of these tools on modern society.