AI ethics in the Financial Services sector

Analytic Product Manager at BAE Systems Applied Intelligence
The Financial Services (FS) sector is making increasing use of Artificial Intelligence (AI) to inform critical decisions that can affect consumers, such as loan and credit card applications. They cannot afford for any decisions generated by AI algorithms to be unfairly biased. Read more in our latest blog on strengthening AI ethics within FS.
AI ethics in the Financial Services sector When it comes to the FS sector, the need for fair and ethically sound AI systems is paramount. FS organisations are making increasing use of AI to inform critical decisions that can adversely affect their clients, such as the denial of loans and credit card applications. It is therefore important that any decisions generated by AI algorithms are not unfairly biased toward a particular demographic sector of their customer population, i.e. false positives.
 
In this blog, David Nicholson takes a look at the reasons for bias in AI and the role of regulators, governments and big tech firms in strengthening the culture of responsibility and ethical behaviour within financial organisations, beyond data processing.
 
top
David Nicholson Analytic Product Manager at BAE Systems Applied Intelligence 30 March 2021