Hilary J. Allen isn’t sorry if you find her new book scary. In fact, she’s hoping that Driverless Finance: Fintech’s Impact on Financial Stability can spook enough people to create momentum for change.
Allen was involved in the Financial Crisis Inquiry Commission that was formed by Congress to study the causes behind the 2008 financial crisis.
Now, she sees the possibility of financial collapse on an even greater scale with AI technology being used in the financial industry; “smart contracts” that could bring down banks before human intervention is possible; cryptocurrency and nonfungible token sales being made for the purpose of speculation; and tech giants such as Apple, Facebook, Amazon and Google contemplating offering financial services.
