Loans and Mortgages

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 […]

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’”.

Today in the United States, African Americans continue to suffer from financial exclusion and predatory lending practices. Meanwhile the advent of machine learning in financial services offers both promise and peril as we strive to insulate artificial intelligence from our own biases baked into the historical data we need to train our algorithms. A detailed […]

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 […]