How Financial Institutions can Limit Bias in AI

In February the President signed an executive order called the American AI Initiative to help the U.S. become a leader in artificial intelligence; the goal of his order is to guide research and development, federal resources, workforce training, and standards for the ethical use of artificial intelligence; writing in TearSheet Sanjay Srivastava, Chief Digital Officer at Genpact, talks about how financial firms can limit the potential for bias in algorithms; 66 percent of Americans are worried that AI will enforce bias; companies need to look at what data they are using, biased data will only lead to biased decisions; better training can also help to limit bias, the better tested and trained tools are the better they will function correctly; the best way to fight bias is with diversity in data sets and diversity within teams; Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!