It’s a phenomenon receiving growing attention as more people use online lenders: ostensibly digital algorithms should rely solely on numbers when deciding who to approve for loans, whereas human lenders could be subject to bias, both conscious and unconscious. However, Congress is now seeking answers as to whether AI credit underwriting models could be subject to discrimination. This is likely not the last time lawmakers will examine this issue.
The Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
