Ethical Artificial Intelligence, Fintech and Data Protection: A Path Forward for Training in Europe

31 Pages Posted: 11 Jul 2024

See all articles by Maria Moloney

Maria Moloney

University College Dublin (UCD) - College of Business and Law; Trinity College (Dublin)

Ioana Coita

University of Oradea

Eleftheria G. Paschalidou

affiliation not provided to SSRN

Ekaterina Svetlova

Behavioural, management and social sciences; University of Twente, NL

Codruta Mare

Babes-Bolyai University - Faculty of Economics and Business Administration

Liana Stanca

Babes-Bolyai University

Galena Pisoni

York St John University

Karolina Bolesta

Warsaw School of Economics (SGH) - Department of Economics I

Olivija Filipovska

Geostrategic Institute Global

Valerio Potì

University College Dublin

Cal B. Muckley

University College Dublin

Barbara Bedowska-Sojka

Poznań University of Economics and Business

Joerg Osterrieder

University of Twente; Bern Business School

Veni Arakelian

Council of Economic Advisors, Ministry of Finance, Hellenic Republic; UCL Centre for Blockchain Technologies

Date Written: February 21, 2024

Abstract

Artificial Intelligence (AI) systems process massive quantities of data. A lot of this data is related to identifiable individuals and is what we call personal data under the European Union (EU) General Data Protection Regulation (GDPR). To process such data legally, organisations that develop or deploy AI systems in Europe must understand their regulatory obligations under the GDPR. This paper examines the increasing need for comprehensive data protection training in Europe, given the rapidly evolving landscape of Artificial Intelligence (AI) and the potential harm these systems can cause to individuals and society at large. By way of survey, the paper examines the current level of data protection knowledge among academics and professionals in the field of Finance who either use or develop AI systems on a regular basis. The results of the survey support the need for increasing and emphasising training in data protection for this cohort. The paper underscores the critical importance of equipping Finance academics and professionals with robust data protection and ethical training so our leaders of tomorrow will be able to foster responsible AI use, by safely and confidently navigating the intricate interplay between AI systems innovation, and the safeguarding of the public good and human rights.

Keywords: Data Protection, Artificial Intelligence, Privacy, Ethics, Training, European Policy, Data Privacy, Responsible AI

Suggested Citation

Moloney, Maria and Coita, Ioana and Paschalidou, Eleftheria G. and Svetlova, Ekaterina and Mare, Codruta and Stanca, Liana and Pisoni, Galena and Bolesta, Karolina and Filipovska, Olivija and Potì, Valerio and Muckley, Cal B. and Bedowska-Sojka, Barbara and Osterrieder, Joerg and Arakelian, Veni, Ethical Artificial Intelligence, Fintech and Data Protection: A Path Forward for Training in Europe (February 21, 2024). Available at SSRN: https://ssrn.com/abstract=4885037 or http://dx.doi.org/10.2139/ssrn.4885037

Maria Moloney

University College Dublin (UCD) - College of Business and Law ( email )

Ireland

Trinity College (Dublin) ( email )

2-3 College Green
Dublin, D2
Ireland

Ioana Coita

University of Oradea

1, Universitatii street
8, Brandusei
Oradea, 410089
Romania

Eleftheria G. Paschalidou

affiliation not provided to SSRN ( email )

No Address Available

Ekaterina Svetlova

Behavioural, management and social sciences ( email )

Postbus 217
Twente
Netherlands

University of Twente, NL ( email )

Postbus 217
Twente
Netherlands

Codruta Mare (Contact Author)

Babes-Bolyai University - Faculty of Economics and Business Administration ( email )

58-60, Teodor Mihali str
Cluj-Napoca, Cluj 400591
Romania
0745324563 (Phone)

Liana Stanca

Babes-Bolyai University

Galena Pisoni

York St John University ( email )

Lord Mayor's Walk York
York, YO31 7EX
United Kingdom

Karolina Bolesta

Warsaw School of Economics (SGH) - Department of Economics I ( email )

Warsaw
Poland

Olivija Filipovska

Geostrategic Institute Global ( email )

Skopje
Skopje, 1000
Macedonia

Valerio Potì

University College Dublin ( email )

M. Smurfit School of Business
Carysfort Avenue, Blackrock
Dublin, Co Dublin
Ireland

HOME PAGE: http://https://people.ucd.ie/valerio.poti

Cal B. Muckley

University College Dublin ( email )

Blackrock, Co. Dublin
Ireland
+353-1-716-8091 (Phone)

Barbara Bedowska-Sojka

Poznań University of Economics and Business ( email )

Al. Niepodległości 10
Poznań, Great Poland 61-875
Poland

Joerg Osterrieder

University of Twente ( email )

Drienerlolaan 5
Departement of High-Tech Business and Entrepreneur
Enschede, 7522 NB
Netherlands

Bern Business School ( email )

Brückengasse
Institute of Applied Data Sciences and Finance
Bern, BE 3005
Switzerland

Veni Arakelian

Council of Economic Advisors, Ministry of Finance, Hellenic Republic ( email )

5-7 Nikis str
Athens, 10180
Greece

UCL Centre for Blockchain Technologies ( email )

Malet Place
London, London WC1E 6BT
United Kingdom

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