Onawa Promise Lacewell, PhD
Director, Consulting
Onawa Promise Lacewell has a research focus on the impact of disruptive technologies on the financial services sector and on the client-facing technology that wealth managers use to support the digital experience of UHNW and HNW end clients. Specifically, she is interested in how wealth managers use digital portals and mobile apps to support the client experience of UHNW and HNW end clients. Onawa holds a PhD from the University of Missouri.
Recent research assignments and publications include the following:
- Behind the Login of Wealth Management Client Portals
- Benchmarking of Value-Added Services for UHNW clients
- The Rising Popularity of Family Offices
- AI Throughout the Wealth Management Lifecycle
- UHNW Benchmarking
This research examines the ethical pitfalls wealth managers could face when deploying AI technology.
Wealth managers could encounter numerous potential ethical pitfalls in the deployment of AI. Currently, AI is deployed only for a handful of functions in areas like KYC, marketing, or recruitment. However, even in just these few use cases wealth managers need to be cognizant of AI ethical risks. Moreover, now is the time to put in place systems and protocols to address AI ethical concerns, as the deployment of AI is expected to expand considerably across the wealth management industry over the next decade.
This short paper explores five questions related to AI ethics:
- What is it?
- Why should wealth managers care about it?
- What are the risks?
- What is the regulatory landscape?
- How can wealth managers ensure the ethical deployment of AI?