The ai Financial Commons
Private Sector Participation
Data, Technology and CSR
Large financial service (FS) companies have become technology companies. Managing data is no longer seen an operational cost but a necessity for better decision making and revenue growth from customer acquisition, satisfaction and retention. C-level executives are also realizing that they are going to face the same regulatory and reputational challenges and risks related to technology and data as companies like Google, Facebook and Amazon.
Responsible and sustainable use of data and technology is quickly becoming a key part of companies’ Corporate Social Responsibility (CSR) initiatives. FS companies have a huge opportunity to lead and distinguish themselves by joining the ai Financial Commons platform
We will soon be reaching out to select companies to partner in this innovative and unique opportunity. We believe partners will become trusted and recognized leaders in driving responsible and sustainable applications of artificial intelligence and data in the future.
Similar to corporate environmentalism several years ago, innovative companies will use this as an opportunity to enhance their reputations and further business goals.
The Problem for companies:
Responsible stewardship of data is on the horizon
Distrust and concerns about the use of artificial intelligence and big data are growing as fast as their use in the private sector. We believe that responsible data stewardship by companies will soon be included in corporate Environmental, social and governance (ESG) principles and programs as well as an increasing regulatory issue.
Among the issues that will be addressed:
Negative impacts related to the use of artificial intelligence and data have been identified including privacy concerns, algorithmic bias and opaqueness.
Access to significant market data – whatever the source - is beginning to be perceived as providing an unfair advantage and potential grounds for antitrust actions.
Possession of data may impose an obligation to use or share data. For example, to monitor compliance or for public health and safety reasons.
Value for Companies
Our goal is to translate ideas of possible uses of data and AI into real outcomes that address real challenges and problems. What we do:
Help partners inform, shape, and implement their objectives and strategies by participating in appropriate research and projects.
Initiate and source opportunities to participate in public interest projects that are compatible and related to our partners’ business and meet their strategic objectives and ESG principles.
Work with partners’ executive, legal, IP, tech and media teams to develop a world class collaboration and partnering proposition and framework for working with impact organizations.
Provide leadership and coordination for all phases of project development and delivery as needed and review progress with partners.
Help secure pilot opportunities and drive deployment to assure that projects deliver value to the intended targets.
The ai Financial Commons
NGO and NonProfit Participation
While artificial intelligence, big data and other new technologies are radically transforming entire industries, little has been done to use these tools to develop useful applications in the public interest that have a significant impact.
We want to change this by bringing the power of big data, artificial intelligence and advanced technology to nonprofits, NGOs and the public sector.
Impact organizations understand the problems that need to be solved and have deep and broad experience with the challenges of their mission. This expertise is the essential component of building successful applications of advanced technology and our goal is to make it as easy as possible for organizations to access the other components without having to devote unnecessary resources or become distracted from what they do best.
We are starting to work with organizations now to identify the areas where artificial intelligence and big data could provide the greatest benefit and define a methodology and process that can be applied by organizations to do this on an ongoing basis.
The largest financial corporations in the world are increasingly forming and using collaboratives to share data and technology among themselves. Impact organizations generally do not have access to all the data, technology and expertise needed and will need to work with companies in the private sector and/or each other to be successful. As we move forward, we will standardize a framework for addressing the intellectual property, legal, governance and other issues that need to be agreed on to support collaborations.
Our long term objective is for ai Financial Commons to become a global platform and ecosystem for impact organizations to access an ever-expanding portfolio of knowledge, expertise, data, technology and connections that makes it easy for them to incorporate advanced technology and data analytics into their problem-solving tool kit.