AI poses systemic risks to global finance and increases social exclusion

Artificial intelligence presents diverse risks to the global financial sector, ranging from systemic instability to social exclusion. Bank of England Governor Andrew Bailey has warned G20 finance ministers that advanced AI models could trigger a financial crisis more severe than that of 2008. These concerns stem from the potential for AI to increase the scale, speed, and sophistication of cyberattacks, as autonomous agents could exploit vulnerabilities across interconnected banking, insurance, and payment providers.

In Mexico, the rapid integration of AI and digital banking is creating significant financial exclusion for the elderly population. With over 15 million seniors in Mexico, experts from Condusef warn that total automation may marginalize those who lack digital literacy. This demographic also faces heightened vulnerability to AI-driven fraud, such as hyper-realistic voice cloning and sophisticated phishing. While some institutions like Banamex are attempting hybrid models that combine digital tools with human assistance, distrust remains a significant barrier for senior users.