Algorithmic bias in financial services
Unconscious bias in algorithms, AI, and machine learning could be the world’s biggest drivers to inequality in our lifetime.
Join the discussion and the movement to challenge bias in the financial industry. Hear what Finastra and KPMG leaders have to say.
Financial Services, we have a problem.
In the past decade, the financial world has been digitalized through the introduction of artificial intelligence (AI) and machine learning. Many parts of banking, lending and insurance decision-making processes are now being made by algorithms. The pandemic has accelerated this use of technology and while it has delivered many positive outcomes, these vital algorithms can only be as ‘fair’ and unbiased as the data sets that are used to build them. The industry must check if the biases that exist in society are being repeated through the design of these technologies.
Finastra is taking a stand against algorithmic bias and is asking the financial services ecosystem to join us in this movement to deliver fairness and equality to individuals, businesses and global communities.
Algorithmic bias and financial services
A KPMG report commissioned by Finastra
To explore algorithmic bias in financial services, Finastra commissioned a report from global consultants KPMG. It comprehensively covers the various types of bias and how they can impact financial services lending. Explore the report here.
Why we’re taking action
A few key reasons why Finastra is taking a stand and leading the charge to tackle bias found in fintech.
We’ve developed a five point plan to ensure that we continuously work to challenge bias in fintech and financial services. From product development to our own diverse workforce, the change starts with us.
Hack to the Future Winners
Together we accelerated the transformation to redefine finance for good.