Main topic: Copyright protection for works created by artificial intelligence (AI)
Key points:
1. A federal judge upheld a finding from the U.S. Copyright Office that AI-generated art is not eligible for copyright protection.
2. The ruling emphasized that human authorship is a fundamental requirement for copyright protection.
3. The judge stated that copyright law protects only works of human creation and is not designed to extend to non-human actors like AI.
AI executives may be exaggerating the dangers of artificial intelligence in order to advance their own interests, according to an analysis of responses to proposed AI regulations.
The Alliance of Motion Picture and Television Producers has proposed guidelines for the usage of artificial intelligence (AI) and data transparency in the entertainment industry, stating that AI-created material cannot be considered literary or intellectually protected, and ensuring that credit, rights, and compensation for AI-generated scripts are given to the original human writer or reworker.
Artificial intelligence (AI) is revolutionizing the accounting industry by automating tasks, providing insights, and freeing up professionals for more meaningful work, but there is a need to strike a balance between human and machine-driven intelligence to maximize its value and ensure the future of finance.
The U.S. is falling behind in regulating artificial intelligence (AI), while Europe has passed the world's first comprehensive AI law; President Joe Biden recently met with industry leaders to discuss the need for AI regulation and companies pledged to develop safeguards for AI-generated content and prioritize user privacy.
Nearly 1 in 3 investors are comfortable using artificial intelligence as their financial advisor, but experts warn that relying solely on AI recommendations can lead to flawed advice due to the limitations and biases of generative AI programs.
FICO, the analytics firm known for credit scores, uses artificial intelligence (AI) responsibly and transparently in its software services, but does not deploy AI in consumer-facing credit decisions due to regulatory requirements and the need for explainability.
The use of AI algorithms by insurance companies to assess claims is raising concerns about potential bias and lack of human oversight, leading Pennsylvania legislators to propose legislation that would regulate the use of AI in claims processing.
Artificial intelligence (AI) has made significant strides in the financial markets, but its capabilities are not yet advanced enough to completely replace human involvement in investment and trading decisions. AI can analyze data and spot patterns, but it lacks the ability to anticipate unforeseen events and understand human emotions, making it necessary for humans to provide context and make decisions based on a broader picture.
A study by Qualtrics on behalf of Intuit Credit Karma found that Americans are increasingly comfortable using generative AI tools for managing their personal finances, with 40% indicating their preference for AI assistance in this area.
Artificial intelligence should be used to build businesses rather than being just a buzzword in investor pitches, according to Peyush Bansal, CEO of Lenskart, who cited how the company used AI to predict revenue and make informed decisions about store locations.
Artificial Intelligence (AI) used in outbound calling must comply with existing legal restrictions and regulations, such as the Telephone Consumer Protection Act (TCPA), which requires consent for calls made with artificial or prerecorded voices and regulates the use of Automatic Telephone Dialing Systems (ATDS). AI technology presents additional compliance considerations and potential exposure for businesses.
The UK government is at risk of contempt of court if it fails to improve its response to requests for transparency about the use of artificial intelligence (AI) in vetting welfare claims, according to the information commissioner. The government has been accused of maintaining secrecy over the use of AI algorithms to detect fraud and error in universal credit claims, and it has refused freedom of information requests and blocked MPs' questions on the matter. Child poverty campaigners have expressed concerns about the potential devastating impact on children if benefits are suspended.
Companies are increasingly exploring the use of artificial intelligence (AI) in various areas such as sales/marketing, product development, and legal, but boards and board committees often lack explicit responsibility for AI oversight, according to a survey of members of the Society for Corporate Governance.
A new paper published by Morningstar argues that artificial intelligence (AI) is unlikely to replace financial advisors because it lacks the trust of humans and faces significant hurdles to fulfill its potential in handling the responsibilities of financial advising, comparing it to previously overhyped innovation trends like robo-advisers and autonomous vehicles.
Artificial intelligence has the potential to transform the financial system by improving access to financial services and reducing risk, according to Google CEO Thomas Kurian. He suggests leveraging technology to reach customers with personalized offers, create hyper-personalized customer interfaces, and develop anti-money laundering platforms.
The G20 member nations have pledged to use artificial intelligence (AI) in a responsible manner, addressing concerns such as data protection, biases, human oversight, and ethics, while also planning for the future of cryptocurrencies and central bank digital currencies (CBDCs).
Senators Richard Blumenthal and Josh Hawley are holding a hearing to discuss legislation on regulating artificial intelligence (AI), with a focus on protecting against potential dangers posed by AI and improving transparency and public trust in AI companies. The bipartisan legislation framework includes creating an independent oversight body, clarifying legal liability for AI harms, and requiring companies to disclose when users are interacting with AI models or systems. The hearing comes ahead of a major AI Insight Forum, where top tech executives will provide insights to all 100 senators.
The US Securities and Exchange Commission (SEC) is utilizing artificial intelligence (AI) technologies to monitor the financial sector for fraud and manipulation, according to SEC Chair Gary Gensler.
Financial institutions are using AI to combat cyberattacks, utilizing tools like language data models, deep learning AI, generative AI, and improved communication systems to detect fraud, validate data, defend against incursions, and enhance customer protection.
Artificial intelligence (AI) will be highly beneficial for executives aiming to save money in various sectors such as banking, insurance, and healthcare, as it enables efficient operations, more accurate data usage, and improved decision-making.
Eight new technology companies, including Adobe, IBM, Nvidia, Palantir, and Salesforce, have made voluntary commitments on artificial intelligence (AI) to drive safe and secure development while working towards comprehensive regulation, according to a senior Biden administration official. The commitments include outside testing of AI systems, cybersecurity measures, information sharing, research on societal risks, and addressing society's challenges. The White House is partnering with the private sector to harness the benefits of AI while managing the risks.
The Consumer Financial Protection Bureau has issued guidance stating that lenders must provide specific and accurate reasons when taking adverse actions against consumers, even when using artificial intelligence and complex models.
The rise of Artificial Intelligence (AI) in banking and finance presents a profound opportunity for the industry, with the potential for significant productivity gains and a better customer experience, as well as the emergence of digital currencies and innovations in digital banking. As financial institutions continue to embrace AI and digital transformation, smaller institutions may struggle to remain relevant in the face of larger networks and platforms, ultimately leading to a consolidation in the industry. However, the overall outlook for banking and finance is optimistic, with the expectation that advancements in technology will continue to drive information growth and spread, ultimately benefiting investors and customers alike.
Artificial intelligence poses a potential threat to the 2024 US elections and financial markets, according to Senator Mark Warner, who highlights the risk of deep fakes and manipulation, and calls for new laws and penalties to deter bad actors.
As retail theft continues to rise during the pandemic, merchants are turning to artificial intelligence (AI) systems to combat theft by detecting illegal activity in real-time, coordinating with data from cash registers, and using facial recognition to track likely suspects; however, concerns about privacy and the need for clear guidelines on data usage are also emphasized.
Artificial intelligence has become a prominent topic at the UN General Assembly as governments and industry leaders discuss the need for regulation to mitigate risks and maximize benefits, with the United Nations set to launch an AI advisory board this fall.
Artificial intelligence (AI) has the potential to facilitate deceptive practices such as deepfake videos and misleading ads, posing a threat to American democracy, according to experts who testified before the U.S. Senate Rules Committee.
The European Central Bank (ECB) is using artificial intelligence (AI) in various ways, such as automating data classification, analyzing real-time price data, and assisting with banking supervision, while also exploring the use of large-language models for code writing, software testing, and improving communication, all while being cautious about the risks and ensuring responsible use through proper governance and ethical considerations.
Sen. Mark Warner, a U.S. Senator from Virginia, is urging Congress to take a less ambitious approach to regulating artificial intelligence (AI), suggesting that lawmakers should focus on narrowly focused issues rather than trying to address the full spectrum of AI risks with a single comprehensive law. Warner believes that tackling immediate concerns, such as AI-generated deepfakes, is a more realistic and effective approach to regulation. He also emphasizes the need for bipartisan agreement and action to demonstrate progress in the regulation of AI, especially given Congress's previous failures in addressing issues related to social media.
Artificial intelligence (AI) has the power to perpetuate discrimination, but experts also believe that AI can be leveraged to counter these issues by eliminating racial biases in the construction of AI systems. Legislative protections, such as an AI Bill of Rights and the Algorithmic Accountability Act of 2023, are being proposed to address the impact of AI systems on civil rights.
The European Central Bank is exploring how artificial intelligence (AI) could improve its understanding of inflation, by processing and analyzing multiple data sources to produce better analysis for policy decisions and simplify communication.
Artificial intelligence (AI) is becoming increasingly prevalent in various industries, including banking, as companies like JPMorgan Chase invest billions of dollars in technology and AI initiatives to improve decision-making and enhance customer experiences, making AI a crucial tool for future success in the business world.
Decentralized finance (DeFi) has the potential to revolutionize wealth building globally, and the use of Artificial Intelligence (AI) can address challenges such as liquidity, language barriers, regulatory compliance, and security to further enhance its adoption and growth.
Artificial intelligence (AI) has become an undeniable force in our lives, with wide-ranging implications and ethical considerations, posing both benefits and potential harms, and raising questions about regulation and the future of humanity's relationship with AI.
Artificial intelligence (AI) has the potential to disrupt the creative industry, with concerns raised about AI-generated models, music, and other creative works competing with human artists, leading to calls for regulation and new solutions to protect creators.
Artificial intelligence (AI) has the potential to disrupt industries and requires the attention of boards of directors to consider the strategic implications, risks, compliance, and governance issues associated with its use.
AI has become a game-changer for fintech firms, helping them automate compliance decisions, mitigate financial crime, and improve risk management, while also emphasizing the importance of human involvement and ensuring safety.
Generative artificial intelligence (AI) is expected to face a reality check in 2024, as fading hype, rising costs, and calls for regulation indicate a slowdown in the technology's growth, according to analyst firm CCS Insight. The firm also predicts obstacles in EU AI regulation and the introduction of content warnings for AI-generated material by a search engine. Additionally, CCS Insight anticipates the first arrests for AI-based identity fraud to occur next year.
SEC Chair Gary Gensler warns that the adoption of AI on Wall Street could lead to a financial crisis in the late 2020s or early 2030s, calling for regulation to address the use of AI models developed by tech companies by banks.
The Chairman of the US Securities and Exchange Commission, Gary Gensler, warns that if regulators don't take action, artificial intelligence could trigger a financial crisis within the next ten years due to the widespread use of identical AI models by major financial institutions, leading to herd behavior and market instability.
United States Securities and Exchange Commission Chair Gary Gensler warns that the widespread use of artificial intelligence in the financial market could lead to a financial crisis within a decade if not regulated due to concerns about centralization and overreliance on similar AI models.
Florida lawyers may be required to obtain their client's consent before using artificial intelligence in legal matters, as the Florida Bar is developing an advisory opinion on the use of AI and seeking input from lawyers, potentially leading to rules around the use of generative AI, lower lawyer fees when AI is used, and restrictions on advertising AI as superior or unique.
Artificial intelligence (AI) is becoming a crucial competitive advantage for companies, and implementing it in a thoughtful and strategic manner can increase productivity, reduce risk, and benefit businesses in various industries. Following guidelines and principles can help companies avoid obstacles, maximize returns on technology investments, and ensure that AI becomes a valuable asset for their firms.
The chairman of the U.S. Securities and Exchange Commission (SEC) warns that increased reliance on AI in the financial industry is likely to trigger the next financial crisis, urging regulators to take measures to reduce AI risk factors and address conflicts of interest.
Lawmakers in the US are starting a series of hearings on the role of artificial intelligence (AI), focusing on concerns around data collection and use by AI systems as the industry continues to expand and regulations are considered; experts and witnesses will provide testimony on the subject, including former FTC Chair Jon Leibowitz and actor Clark Gregg.
Artificial intelligence is transforming the financial sector by using vast amounts of past financial data to help humans make better predictions about the future, with AI-powered chatbots like Morningstar's Mo answering general financial queries, but experts emphasize the need for correct and ethical data and the importance of human control and critical evaluation in working with AI.
