Reducing bias in AI-based financial services
The impact of artificial intelligence in consumer lending.
This US focused report considers four distinct ways of incorporating Artificial Intelligence into credit lending. It highlights the existing racial bias in credit scores, where white / non-hispanic individuals are likely to have a much higher credit score than black / African American individuals. And argues that although introducing AI could potentially exacerbate current biases, it could also transform the allocation of credit for the better.
