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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. Minority groups are often treated as high risk (more likely not to pay back money) because of the use of proxy data in financial institutions. This means that people from minority ethnic groups can find it hard to get credit, and get offered higher interest rates, widening poverty gaps.
Understanding AI Bias in Banking | FeedzaiAs banks invest in AI solutions, they must also explore how AI bias impacts customers and understand the right and wrong ways to approach…
Disruption in Financial Services: 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…
AI risks replicating tech’s ethnic minority bias across businessDiverse workforce essential to combat new danger of ‘bias in, bias out’ This short article looks at the link between the lack…
Black Loans Matter: fighting bias for AI fairness in lending Today in the United States, African Americans continue to suffer from financial exclusion and predatory lending practices. Meanwhile the advent…
Algorithms and bias: What lenders need to knowMuch of the software now revolutionising the financial services industry depends on algorithms that apply artificial intelligence (AI) – and increasingly, machine learning…
AI Perpetuating Human Bias In The Lending SpaceAI was supposed to be the pinnacle of technological achievement — a chance to sit back and let the robots do the work.…
Reducing bias in AI-based financial servicesThe impact of artificial intelligence in consumer lending. This US focused report considers four distinct ways of incorporating Artificial Intelligence into credit lending. It highlights…
We and AI Ltd, a Charitable Company Limited by Guarantee Company Registration Number 13376771
