This submission is based upon our casework experience with people experiencing financial hardship and what we have started to witness with respect to the increased use of new AI technologies.
Here Financial Rights provides further details of the increasing use of AI technologies in the financial services sector and their current and expected impact on consumers.
We argue that AI’s use in financial services reveals further ethical issues that need to be considered by the Department of Industry, Innovation and Science in developing its AI Ethics Framework – namely that the department needs to take into account the ability for AI to automate the profiling of consumers for profit and the embedding of unfair and exclusionary price discrimination models into financial services both of which have the strong potential to lead to increased economic inequality and financial exclusion.
