Challenges and Opportunities for AI in Financial Services: the Impact of Fairness, Explainability, Accuracy, and Privacy
The adoption of artificial intelligence in the financial service industry, particularly the adoption of machine learning, presents challenges and opportunities. Challenges include algorithmic fairness, explainability, privacy, and requirements of a very high degree of accuracy. For example, there are ethical and regulatory needs to prove that models used for activities such as credit decisioning and lending are fair and unbiased, or that machine reliance doesn't cause humans to miss critical pieces of data. For some use cases, the operating standards require nothing short of perfect accuracy.
Privacy issues around collection and use of consumer and proprietary data require high levels of scrutiny. Many machine learning models are deemed unusable if they are not supported by appropriate levels of explainability. Some challenges like entity resolution are exacerbated because of scale, highly nuanced data points and missing information. On top of these fundamental requirements, the financial industry is ripe with adversaries who purport fraud and other types of risks.
The adoption of artificial intelligence in the financial service industry, particularly the adoption of machine learning, presents challenges and opportunities. Challenges include algorithmic fairness, explainability, privacy, and requirements of a very high degree of accuracy. For example, there are ethical and regulatory needs to prove that models used for activities such as credit decisioning and lending are fair and unbiased, or that machine reliance doesn't cause humans to miss critical pieces of data. For some use cases, the operating standards require nothing short of perfect accuracy.
Privacy issues around collection and use of consumer and proprietary data require high levels of scrutiny. Many machine learning models are deemed unusable if they are not supported by appropriate levels of explainability. Some challenges like entity resolution are exacerbated because of scale, highly nuanced data points and missing information. On top of these fundamental requirements, the financial industry is ripe with adversaries who purport fraud and other types of risks.
The aim of this workshop is to bring together researchers and practitioners to discuss challenges for AI in financial services, and the opportunities such challenges represent to the community. The workshop will consist of a series of sessions, including invited talks, panel discussions and short paper presentations, which will showcase ongoing research and novel algorithms.
08:35 AM Opening Remarks (Talk)
Manuela Veloso, Isabelle Moulinier
08:50 AM Invited Talk 1: Fairness and Causality with Missing Data (Invited Talk)
Madeleine Udell
09:10 AM Invited Talk 2: Building Augmented Intelligence for a Global Credit Rating Agency (Invited Talk)
Sameena Shah
09:30 AM Panel: Explainability, Fairness and Human Aspects in Financial Services (Panel Discussion)
Madeleine Udell, Jiahao Chen, Nitzan Mekel-Bobrov, Manuela Veloso, Jon Kleinberg, Andrea Freeman, Samik Chandarana, Jacob Sisk, Michael McBurnett
10:30 AM Coffee Break and Socialization (Break)
11:00 AM Invited Talk 3: Fairness in Allocation Problems (Invited Talk)
Michael Kearns
11:20 AM Paper Presentations (see below for paper titles) (Talks)
12:00 PM Lunch (Break)
01:30 PM Invited Talk 4: When Algorithms Trade: Modeling AI in Financial Markets (Invited Talk)
Michael Wellman
01:50 PM Invited Talk 5: ML-Based Evidence that High Frequency Trading Has Made the Market More Efficient (Invited Talk)
Tucker Balch
02:10 PM Paper Presentations (see below for paper titles) (Talks)
02:50 PM Announcement: FICO XAI Challenge Winners (Announcement)
03:00 PM Coffee Break (Break)
03:30 PM Invited Talk 6: Is it possible to have interpretable models for AI in Finance? (Invited Talk)
Cynthia Rudin
03:50 PM Paper Presentations (see below for paper titles) (Talks)
04:30 PM Posters and Open Discussions (see below for poster titles) (Poster Session)
Ramya Malur Srinivasan, Miguel Perez, Yuanyuan Liu, Ben Wood, Dan Philps, Kyle Brown, Daniel Martin, Mykola Pechenizkiy, Luca Costabello, Rongguang Wang, Suproteem Sarkar, Sangwoong Yoon, Zhuoran Xiong, Enguerrand Horel, Drew Zhang, Ulf Johansson, Jonathan Kochems, Gregory Sidier, Prashant Reddy, Lana Cuthbertson, Yvonne Wambui, Christelle Marfaing, Galen Harrison, Irene Unceta Mendieta, Tom Kehler, Mark Weber, Li Ling, Ceena Modarres, Abhinav Dhall, Arash Nourian, David Byrd, Ajay Chander, Xiao-Yang Liu, Hongyang Yang, Shuang (Sophie) Zhai, Freddy Lecue, Sirui Yao, Rory McGrath, Artur Garcez, Vangelis Bacoyannis, Alexandre Garcia, Lukas Gonon, Mark Ibrahim, Melissa Louie, Omid Ardakanian, Cecilia Sönströd, Kojin Oshiba, Chaofan Chen, Suchen Jin, aldo pareja, Toyo Suzumura
05:40 PM Closing Remarks (Talk)