On November 7 at the Banking Exchange Fly-In at the University of Chicago, Banking Exchange welcomed a panel of experts to discuss Ethics, Data, and Strategy in a Digital World.

John Multhauf, former executive at Disney and Oracle and present Professor and Course Director at Full Sail University joined the Chief AI Officer of AI2030, Xiaochen Zhang, and Brett Mowry, Managing Director of Eagna Analytics, in debating the future ramifications of AI and Data on society.

Zhang, a global leader on the topic stated,  "In FSI, the rise of open banking aims to enable innovation by improving data sharing, expanding access to financial services for the underbanked, and enhancing existing services. Many of us benefit from greater data sharing, which brings efficiencies and personalization in financial services. However, evaluating whether data sharing is inherently good or bad requires us to consider several critical, granular questions: Whose data is being shared? For what purpose? Who owns the data? Who benefits, and who might be disadvantaged? Is there fair compensation, and how is it structured?"

Multhauf provided a cautious tone when it comes to collecting consumer data. He stated,  “Although increased data sharing among financial services companies could offer substantial benefits to customers, firms must acknowledge that customers are now naturally wary of these efforts. It’s therefore essential for companies to communicate openly and transparently about how customers will gain from these initiatives.”

Mowry focused on corporate responsibility as technology will change the workforce. “Within ethics, when we think about the immense potential of AI to automate, there is an overarching question of creating more inequality, if current models of compensation for those displaced are fair, and what is a corporation’s responsibility for retraining towards the skills needed in an AI future”,  he said.

Banking Exchange will bring the industry together again for this event in April of 2025.