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1 results

  • Introduction

  • Edited by Zofia Bednarz, University of Sydney, Monika Zalnieriute, University of New South Wales, Sydney
  • Book:
    <i>Money, Power, and AI</i>
    Published online:
    16 November 2023
    Print publication:
    30 November 2023, pp 1-6
    • Chapter
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      • Open access
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  • Summary

    Artificial intelligence (AI) and automated decision-making (ADM) tools promise money and unmatched power to banks and governments alike. As the saying goes, they will know everything about their citizens and customers and will also be able to predict their behaviour, preferences, and opinions. Global consulting firm McKinsey estimates that AI technologies will unlock $1 trillion in additional value for the global banking industry every year.1 Governments around the world are getting on the AI bandwagon, expecting increased efficiency, reduced costs, and better insights into their populations.