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  • 16 - Artificial Intelligence and Financial Services

  • from Part III - AI across Sectors
  • Edited by Nathalie A. Smuha, KU Leuven
  • Book:
    The Cambridge Handbook of the Law, Ethics and Policy of Artificial Intelligence
    Published online:
    06 February 2025
    Print publication:
    13 February 2025, pp 322-338
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  • Summary

    The actors that are active in the financial world process vast amounts of information, starting from customer data and account movements over market trading data to credit underwriting or money-laundering checks. It is one thing to collect and store these data, yet another challenge to interpret and make sense of them. AI helps with both, for example, by checking databases or crawling the Internet in search of relevant information, by sorting it according to predefined categories or by finding its own sorting parameter. It is hence unsurprising that AI has started to fundamentally change many aspects of finance. This chapter takes AI scoring and creditworthiness assessments as an example for how AI is employed in financial services (Section 16.2), for the ethical challenges this raises (Section 16.3), and for the legal tools that attempt to adequately balance advantages and challenges of this technique (Section 16.4). It closes with a look at scoring beyond the credit situation (Section 16.5).

Economic Transplants
  • On Lawmaking for Corporations and Capital Markets
  • Katja Langenbucher
  • Published online:
    31 October 2017
    Print publication:
    19 October 2017
  • Why and in what ways have lawyers been importing economic theories into a legal environment, and how has this shaped scholarly research, judicial and legislative work? Since the financial crisis, corporate or capital markets law has been the focus of attention by academia and media. Formal modelling has been used to describe how capital markets work and, later, has been criticised for its abstract assumptions. Empirical legal studies and regulatory impact assessments offered different ways forward. This book presents a new approach to the risks and benefits of interdisciplinary policy work. The benefits economic theory brings for reliable and tested lawmaking are contrasted with important challenges including the significant differences of research methodology, leading to misunderstandings and problems of efficient implementation of economic theory's findings into the legal world. Katja Langenbucher's innovative research scrutinises the potential of economic theory to European legislators faced with a lack of democratic accountability.

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