Banking & Finance

Ethical Artificial Intelligence – The Dutch Insurance Industry Makes It a Mandate

by

Author: Ton Reijns, Richard Weurding, Jos Schaffers; Publisher: KPMG International; Publication Year: 2021. The following article discusses how the European Commission and corresponding European Union General Data Protection Regulation (GDPR) laws have established a framework for ethical artificial intelligence (AI) usage, specifically within the insurance industry. The Dutch have adopted and mandated their own set of standards based off these…

Data Ethics: the Bridge to Better Banking

by

Author: Tim Sheehan; Publisher: GWI; Publication Year: N/A. The following article discusses how banks are starting to change the way they do business due to so much data being available. But the banking companies do not want to lose the trust of their customers. The article suggests for banks to share with their customers what data they have collected on them, allow for opt-in consent, only get what data they…

Algorithmic Bias Explained: How Automated Decision-Making Becomes Automated Discrimination

by

Author: N/A; Publisher: The Greenlining Institute; Publication Year: 2021. The following article discusses algorithmic biases in credit and finance, healthcare, employment, government programs, education and housing. Focusing in on algorithmic bias in credit and finance, banks and the fintech industry have eagerly replaced loan officers with algorithms that are more complex and use more sources of data than ever before to make…

Big Data, Financial Services and Privacy

by

Author: N/A; Publisher: The Economist; Publication Year: 2017. The following article discusses how bankers and insurers are using big data to better target customers and offering more personalized service. However, regulation and ethic code should be applied to them. Also, critics fear too much data-crunching could actually increase financial exclusion. The riskiest customers, and those offline, might be…

Credit Scoring and the Risk of Inclusion

by

Author: Tamara K. Nopper; Publisher: Medium; Publication Year: 2022. The following article examines the possibilities of alternative data initiatives for mitigating racial inequality in the U.S. credit scoring system This discusses the for-profit credit evaluation system and how alternative data and fundamental shifts in the system that performs credit evaluation can improve the experience for minority users…

Financial Services Firms Turn to Data Ethics to Manage Digital Risks

by

Author: Steven Tiell; Publisher: Accenture; Publication Year: 2021. The following article talks about how In 2021, data ethics will be the tool financial services firms choose to manage digital risks in automation and cybersecurity. Practicing data ethics helps organizations to identify these risks early in the development of new products and services, and to intervene with tools, assessments, and governance processes…

Teaching Ethics and AI for Ethics

by

Author: Steven M. Mintz; Publisher: Strategic Finance; Publication Year: 2021. The following article discusses how data ethics is vital for young professionals to learn in a new automated, decision-making world in finance. For this reason, it is important to add data ethics into the accounting curriculum to stay ahead of the ethical issues. As many of the other resources have stated artificial intelligence (AI) use has many benefits but…

Algorithmic Bias, Financial Inclusion, and Gender

by

Author: Sonja Kelly, Mehrdad Mirpourian; Publisher: Women’s World Banking; Publication Year: 2021. The following report discussed where gender-based bias originates and how to mitigate such biases in the emerging digital credit space. The report discussed the data collection process on emerging credit platforms and what data would be collected. It also introduced 3 potential origins of bias in algorithms, including sampling bias, labeling bias…

Understanding AI Bias in Banking

by

Author: Pedro Saleiro; Publisher: Feedzai; Publication Year: 2020. The following document discusses how recent events pushed organizations and individuals to push back against biases in financial institutes. In the digital age, however, it is not sufficient to address biases caused by humans but should also look into artificial intelligence. The author suggests 4 key takeaways for financial institutes in order to prevent…

What Should Data Ethics Mean to Financial Service Providers?

by

Author: N/A; Publisher: Symphony AI; Publication Year: N/A. The following source discusses how data ethics in finance is a topic that has not been talked about enough as the rise of artificial intelligence (AI) and similar technologies has become more prominent in recent years. Banks or large financial institutions must make it more of a priority, not just as a checkbox or checklist they breeze through and move on…