ARTICLE · 30 OCTOBER 2023

The Implications Of Biased AI Models On The Financial Services Industry

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The meteoric increase of the use of artificial intelligence (AI) across all sectors is impossible to ignore. Whatever your feelings about AI, the use of these models is with us to stay and used...

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The meteoric increase of the use of artificial intelligence (AI) across all sectors is impossible to ignore. Whatever your feelings about AI, the use of these models is with us to stay and used in the right way it creates opportunities for businesses to improve efficiencies, reduce costs whilst at the same time streamline (and hopefully) improve customer experience.

However, the use of AI in financial services brings with it additional challenges that require careful consideration. One of those challenges is the risk that the AI models used are based on unfair bias resulting in discrimination against certain population groups. This is bad for the customers and brings potential legal risk to businesses using such AI models.

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