FOR IMMEDIATE RELEASE
World Council of Credit Unions Publishes Guidance on Ethical AI Implementation
MADISON, WI – October 26, 2023 – The World Council of Credit Unions (WOCCU) today released a new white paper, Navigating the Ethical Landscape of Artificial Intelligence in Credit Unions, providing a roadmap for credit unions to responsibly adopt and implement artificial intelligence (AI) technologies. The paper, authored by WOCCU International Advocacy and Regulatory Counsel Erin O’Hern, is grounded in the Organization for Economic Co-operation and Progress (OECD) AI Principles.
The white paper details opportunities for AI in areas such as member services,lending accuracy,fraud protection,personalization,and operational efficiency,while also addressing potential ethical risks. It includes a model implementation plan with specific phases, deliverables, and roles, alongside five real-world scenarios illustrating best practices in fraud detection, chatbots, underwriting, cybersecurity, and financial wellness.
“ethical use of AI can’t be assumed. It must be designed,” said O’Hern. “Our recommendations help credit unions demonstrate fairness, explain decisions, secure member data and keep humans meaningfully in the loop.”
Key recommendations from the paper include adopting an enterprise Ethical AI framework, strengthening data governance, investing in explainability tools, defining clear accountability, and establishing continuous monitoring and member feedback channels.
WOCCU is the apex association for credit unions and other global financial cooperatives, working to promote enduring development and empower people through access to affordable financial services. Worldwide, 74,634 credit unions in 104 countries serve 411 million people. WOCCU has implemented over 300 technical assistance programs in 90 countries.
the full white paper is available at https://www.woccu.org/ethical_ai.
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