In the face of the rapid technological advancements, the Wheeler Institute was delighted to partner with FINCA and host a roundtable focused on the transformative potential of responsible AI in driving social impact. The gathering brought together an impressive group of participants, including academics, business practitioners and industry experts, to explore the societal implications and ethical dimensions of AI. The roundtable was the second of a multipart series organised by FINCA with international leaders in inclusive finance to address systemic challenges and develop innovative solutions to ending poverty.
Rajesh Chandy, Professor of Marketing at London Business School, Tony and Maureen Chair of Entrepreneurship and Co-Academic Director of the Wheeler Institute, and Andrée Simon, Global CEO of FINCA hosted the conversation and among the participants were Nick Hughes, Executive Fellow of the Wheeler Institute, Lakshmi Naaraayanan, Assistant Professor of Finance at London Business School and Joseba Martinez, Assistant Professor of Economics at London Business School.
AI systems today are predominantly shaped by a few dominant players, resulting in energy-intensive models that often prioritize scale over cultural relevance and environmental sustainability. To ensure AI serves the public good, it is crucial to involve the communities it aims to support in its development and governance. This includes integrating culturally specific knowledge, designing large language models (LLMs) with local languages, and establishing feedback loops that reflect real-world experiences, particularly those of underserved populations.
As AI systems continue to expand, they pose significant environmental challenges due to their substantial energy consumption, sometimes equivalent to that of entire nations. This highlights the need for AI development to prioritize sustainability alongside innovation. Efforts should focus on reducing AI’s carbon footprint through energy-efficient models, renewable energy sources, and responsible infrastructure planning. Simultaneously, AI can contribute to climate solutions by optimizing resource use, enhancing energy efficiency, and supporting environmental monitoring.
The roundtable also delved into other key themes, including the necessity for transparency in AI systems, the importance of inclusive AI development that considers diverse communities, and the role of AI in enhancing financial inclusion. Participants discussed the challenges and opportunities presented by AI, emphasizing the need for collaborative efforts to ensure AI technologies are developed and deployed responsibly.
The roundtable report is available to download. The report encapsulates the essence of the conversations and provides valuable takeaways for anyone interested in the future of AI and its role in social impact.
We hope you find the report of interest, please feel free to share your thoughts, insights or feedback using the comments section below or via email to wheelerinstitute@london.edu.
FINCA International is a global nonprofit organization dedicated to alleviating poverty through innovative solutions that empower communities. Founded in 1984, FINCA operates across multiple countries, providing financial services, including microfinance, to underserved populations. Its mission is to foster economic growth and social impact by offering access to credit, savings, and other financial products, enabling individuals and communities to improve their livelihoods. Additionally, FINCA is committed to leveraging technology and responsible practices to enhance its services and drive sustainable development, focusing on sectors such as clean energy, healthcare, and education.