Category: Money

Access to Bank Accounts, Loans and Mortgages

Understanding AI bias in banking

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

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Money

Access to Bank Accounts, Loans and Mortgages

Algorithms can be used to decide when to withhold loans, mortgages and even bank accounts, on the basis of who is likely to make money for the bank. Minority ethnic groups can be disproportionately disadvantaged within these prediction systems by being determined as not meeting the criteria for lending, even when others with the same financial status get approved.

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