AI: Understanding bias and opportunities in financial services
Summary
AI technology allow us to get almost anything, anytime, anywhere in the world at the click of a button; prevent disease epidemics and keep them from spiralling out of control, and generally just make day-to-day life a bit easier by helping us to save energy, book a babysitter, manage our cash and our health all at a very low cost. This kind of technology not only benefits the bank using it, but also helps reduce the likelihood that nefarious organisations penetrate the institutions that the rest of society needs in order to function. A computer scientist and MIT graduate, Joy Buolamwini, found that facial analysis software from tech giants such as IBM, Microsoft, and Amazon, could not detect her dark skin. These AI systems also failed to correctly classify the faces of Oprah Winfrey, Michelle Obama, and Serena Williams despite the fact that these women are some of the most famous people in the world and generate some of the most significant number of images on the internet. The substantial social benefit of AI if applied properly is that it can help spotlight the strong performing, good eggs in the lending basket.
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