Loans and Mortgages

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Understanding AI bias in banking

As banks invest in AI solutions, they must also explore how AI bias impacts customers and understand the right and wrong ways to approach it. AI systems could unfairly decline new bank account applications, block payments and credit cards, deny loans, and other vital financial services and products to qualified customers because of how their […]

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Racist Robots? How AI bias may put financial firms at risk

Artificial intelligence (AI) is making rapid inroads into many aspects of our financial lives. Algorithms are being deployed to identify fraud, make trading decisions, recommend banking products, and evaluate loan applications. This is helping to reduce the costs of financial products and improve th… Through a case study of mortgage applications, this article shows how […]

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AI risks replicating tech’s ethnic minority bias across business

Diverse workforce essential to combat new danger of ‘bias in, bias out’ This short article looks at the link between the lack of diversity in the AI workforce and the bias against ethnic minorities within financial services – the “new danger of ‘bias in, bias out’”.

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Algorithms and bias: What lenders need to know

Much of the software now revolutionising the financial services industry depends on algorithms that apply artificial intelligence (AI) – and increasingly, machine learning – to automate everything from simple, rote tasks to activities requiring sophisticated judgment. Explains (from a US perspective) how the development of machine learning and algorithms has left financial services at risk […]

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AI Perpetuating Human Bias in the Lending Space

AI was supposed to be the pinnacle of technological achievement — a chance to sit back and let the robots do the work. While it’s true AI completes complex tasks and calculations faster and more accurately than any human could, it’s shaping up to need some supervision. There is data which predicts that the introduction […]

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