Human and Algorithmic Systems Co-existence in Finance

Algorithmic systems have gained popularity in financial services. These technological advances offer innovative solutions to bridge the gap and improve access to financial services. However, the systems also pose dangers and hurdles associated with their use. These include potential privacy violations, bias, and a lack of openness and accountability. These issues can lead to social inequalities and digital discrimination, undermining public trust in financial services. Our research will propose and recommend several mitigation strategies (i.e., technical and nontechnical approaches) involving governance, ethical, legal, and social impact dimensions to address the potential algorithmic systems’ risks