Banking and financial institutions are increasingly using big datasets through AIenabled technology to improve the analysis of clients by, for example, looking at their credit scores for loan considerations, to create value-added services, and improve existing offerings. AI software is now able to use big data from a variety of online sources linked to a client, including from their social media accounts, to build risk profiles and better understand the way in which they may benefit from certain products. Insurance companies have a lso been using AI and big data to analyse a client’s behaviour, predict risk exposure, and create insurance models, which essentially address concerns that many clients have with regards to the industry’s lack of transparency on insurance premiums.

While AI is being increasingly used by business and society, there have been many examples of biased AI over the years, from algorithms awarding lower credit scores to minority communities, to those that prefer men over women as candidates for a job. Even more dangerous are those that put people behind bars.