An interesting ‘use case’ for AI in Financial Services.
‘The US Securities and Exchange Commission (SEC) on Monday said that two investment advisors had agreed to pay hundreds of thousands of dollars in fines over false and misleading claims about their use of artificial intelligence (AI) technology.
The firms, Delphia and Global Predictions, agreed to pay $225,000 and $175,000 respectively in fines to settle the charges of “AI washing”, though neither company admitted or denied the charges.’
Source: FS Tech
I got Copilot to confirm the term “AI washing” and it did well:
AI washing is a term used to describe the practice where companies make misleading claims about their products or services being powered by artificial intelligence (AI). This can involve exaggerating the AI capabilities of a product or falsely advertising a product as AI-driven when it is not. The term is similar to “greenwashing,” where companies make unfounded claims about their environmental efforts. AI washing is becoming increasingly scrutinized, as it can mislead consumers and undermine trust in genuine AI technology
