In the Age of AI, financial institutions face growing public scrutiny and trust deficits rooted in concerns over transparency, fairness, ethical behavior, and human dignity. To address these challenges and shape a more trustworthy and inclusive financial system, the AI World Society (AIWS) proposes the following contributions as part of the Boston Finance Accord for AI Governance 24/7:
- Promote Transparent and Ethical AI Governance:
- AIWS will develop and encourage adoption of AIWS Ethical Standards for Financial AI Systems to ensure fairness, explainability, and transparency in AI-driven financial decision-making. Through partnerships with regulatory agencies and financial leaders, AIWS will support the implementation of AI auditing mechanisms and explainable AI (XAI) frameworks that align with democratic values and human rights.
- Develop Human-Centric Digital Finance Platforms:
- Inspired by the AIWS Government 24/7 model, AIWS advocates for financial platforms that prioritize citizen engagement, empathy, and accessibility. Broad listening methodologies—enabling inclusive, participatory dialogue—will be incorporated into the design and delivery of financial services to rebuild public confidence and responsiveness.
- Build Trust Frameworks and AI Ethics Scorecards:
- AIWS will design and promote a Trustworthiness Scorecard for AI in Finance, enabling institutions to benchmark their performance in areas such as ethical integrity, transparency, data responsibility, and user-centered service. This initiative aims to reinforce institutional accountability while fostering trust among users and the wider public.
- Facilitate Multi-Stakeholder Deliberation Forums:
- To democratize the shaping of AI in finance, AIWS will convene deliberative forums—both physical and virtual—bringing together citizens, technologists, policymakers, and industry leaders. These AI-assisted citizen assemblies will help co-create regulatory frameworks and platform governance practices grounded in public values.
- Champion Democratic Finance in the AI Economy:
- AIWS will advocate for a new model of Democratic Finance, where financial institutions are guided by principles of inclusivity, social responsibility, and sustainability. A proposed AIWS Democratic Finance Charter will serve as a voluntary commitment for institutions that align financial growth with human-centered and equitable development.
- Advance AI and Financial Literacy for All:
- Recognizing the need for greater public understanding of finance and AI, AIWS will partner with educational institutions and media to develop open-access resources that promote digital and financial literacy. These efforts will demystify AI, empower informed choices, and reduce inequality in access to financial tools and knowledge.
- Recognize Ethical Leadership and Best Practices:
- To elevate role models and innovations, AIWS will launch an annual AIWS Ethical Finance Leadership Prize. This recognition will honor financial leaders and organizations that demonstrate outstanding commitment to transparency, fairness, and public service in the deployment of AI technologies.
