Banks are Eager to Tap into AI, but Must First Address the Perils

3 min read

When it comes to artificial intelligence (AI) and banking, there’s a great promise – more business, less risk. But the intersection of AI and financial services can be fraught with peril, too. There’s the potential – and in some cases reality – for algorithms to reinforce social biases and disenfranchise minorities. This is especially relevant to lenders who use AI models to predict default risk. It’s a topic we’re likely to keep hearing about as it gains traction among consumers and policymakers. Consider a recent proposal by Democratic presidential candidate, Sen. Cory Booker, that would require big companies to test…...

This article is free to read

Login to read the full article


OR
Keith Catanzano Keith Catanzano is the co-founder and partner at DC-based 2River Consulting Group. Keith created LIFT, a SaaS-based AI and data analytics platform that helps financial companies -- lenders in particular -- use all of their data to simplify decision making, reduce risk and increase sales and profits. He has previously written for Credit Union Journal.

Follow DDI

Gain Access to Expert Views

We won't send you spam. Unsubscribe at any time.