If you’re running a financial services firm, and you want to promote digital transformation, you need to decide what exactly needs to be transformed. “In all honesty, what areas aren’t there?” says Teddy Flo, general counsel at Zest AI. “The financial services industry is vastly behind other consumer-centric industries in a lot of ways.”

Unlike food, medicine, and cars, we have yet to see clear regulations or laws to guide AI design in the US. Without standard guidelines, companies that design and develop ML models have historically worked off of their own perceptions of right and wrong.