Applications of Artificial Intelligence in Financial Service Sector and Its Challenges to Legal System

• Main Authors: SUN, HSIN-YI, 孫欣怡
• Other Authors: 王偉霖
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/f8q3jv

碩士 === 東吳大學 === 法律學系 === 107 === Development and promotion of Information and Communication Technology (ICT) has promoted the usage of Artificial Intelligence (AI) in various industries around the world. Even if the introduction of new technology can improve industrial transformation and create new added value; however if its industrial development is related to human life and property, such as the usage of artificial intelligence in the development of financial service, then special attention to related issues in development is needed, such as ethics, ideology, social perception, interactive behavior and bias, economic benefit, legal rights and obligations, etc. This thesis will investigate the challenges faced by our financial legal system when it comes to our financial services using the artificial intelligence and is going to explain the significance of artificial intelligence, and the current situation of the world's financial services with its related issues and controversies. In today's business model of artificial intelligence used in the financial services, common financial services are customer service, investment consulting, investment product analysis and recommendation, claims process guidance, smart contract drafting, investment product design, and marketing advertising. Since the financial services use artificial intelligence technology, it also has a relative impact and effect; hence, the WEF propose the impact and effect at nine major aspects, such as customer loyalty, self-motivated financial behavior, integrated solutions for shared issues, and differences in market structure, new ethical dilemmas, and more. Therefore, this thesis is going to give ‘Ethical Issues’, ‘Privacy Issues’, ‘Related Legal Rights and Obligations’, (, which are based on the above-mentioned nine major aspects), in-depth discussion, including the transparency, Open Banking, PSD2, de-identification, liability for damages, etc. Secondly, this thesis introduces the relevant financial legal system measures through the usage of artificial intelligence in the financial service in countries such as the United States, the European Union, and the United Kingdom. In the United States, the US government released the ‘Accelerating America’s Leadership in Artificial Intelligence’ executive order in 2019, also, IEEE announced the ‘The IEEE Global Initiative on Ethics of Autonomous and Intelligent Systems’ in the academia. Furthermore IBM and Microsoft has also promoted the artificial intelligence being implemented in the design and development of algorithms in the industry. On the other side, in the European Union, European Parliament has signed the ‘Artificial Intelligence Cooperation Declaration’, and released the ‘com/2018/237 final’ in 2018, combining with the General Data Protection Regulation (GDPR) to accelerate the promotion of artificial intelligence technology to the financial services in the EU. In addition, in the United Kingdom, the government released the ‘AI in the UK: ready, willing and able?’, which includes the discussion of the artificial intelligence from different aspects, such as concept, participation, design, research and development, use, life, health care, risk reduction, and shaping the future of artificial intelligence, etc. In order to promote the development of artificial intelligence technology in the various industries of the UK. Finally, this thesis refers the way financial services operate Artificail Intelligence in the United States, the European Union, and the United Kingdom, to list the main laws, policies and plans for the development of artificial intelligence in our country. At the same time, according to the application of robot investment consultants in our country, enumerate the current laws and regulations. And then investigate the possible impacts and effects in our financial legal system at three aspects, ‘Ethical Issues’, ‘Privacy Issues’, and ‘Related Legal Rights and Obligations’. Then, we summarize the conclusions and recommendations at the end of this thesis.