Artificial intelligence in central banking: benefits and risks of AI for central banks.
This
article delves into the transformative potential of artificial intelligence (AI) in central banking, aiming to enhance decision-making processes
, operational efficiency, and overall
accountability within the financial sector. Through discourse
analysis of existing literature and expert insights, the study investigates how AI can bolster information technology capabilities, facilitate proactive financial stability risk detection, and enable data-driven policymaking by leveraging granular data analysis. The findings underscore the benefits
of AI adoption in central banking, emphasizing the need for responsible AI practices, transparency, and ongoing staff training to navigate challenges such
as data privacy concerns, bias in decision-making processes
, and cybersecurity vulnerabilities. By advocating for a culture of responsible AI governance and emphasizing transparency and ethical considerations, central banks can harness the capabilities of AI to improve operational workflows, enhance decision-making processes
, and uphold trust and integrity in the financial ecosystem. The study highlights the critical importance of balancing the benefits
and risks of AI integration in central banking, underscoring the need for continuous monitoring and ethical considerations to ensure the effective and ethical deployment of AI tools in central banking operations. Ultimately, the research contributes to the evolving discourse
on AI in central banking, shedding light on the complexities, opportunities, and challenges associated with integrating AI technologies in the realm of monetary policy and financial regulation.
This
presentation examines the impact of artificial intelligence (AI) in central banking, focusing on enhancing decision-making, operational efficiency, and accountability in the financial sector. Through discourse
analysis and expert insights, it highlights the benefits
of AI adoption, emphasizing responsible practices, transparency, and staff training to address data privacy and cybersecurity risks. Advocating for responsible AI governance enables central banks to leverage AI for improved workflows and decision-making processes
. Balancing AI benefits
and risks is crucial, necessitating continuous monitoring and ethical considerations. The research contributes to the discourse
on AI in central banking, addressing complexities and opportunities in integrating AI into financial regulation.Submitted by periset on
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