AI models also eliminate human biases a loan officer could hold, a promising development in a banking system that has long delivered unequal outcomes for protected groups, including women and ethnic minorities. However, this potential benefit is tempered by immense risk, as these models — if left unchecked — can absorb biases from the data they were trained on and reproduce them at scale.
Victor Swezey is a journalist who focuses on banking automation and technology trends. He writes for Bank Automation News and Al Jazeera Media Network, covering topics such as cybersecurity, technological advancements in the banking industry, and global startup cities. His work has also been featured in The Daily Beast.