13: What are we doing to stamp out AI bias in financial services?

Banking as a Service (BaaS) is set to have a significant impact on financial services. While there is no doubt that it will change the face of the industry, putting contextual banking in the hands of consumers, is it too soon to tell who the winners will be? And how can banks seize the opportunity? 

Following COP26, and with so many eco-friendly fintechs making their mark on the world, this episode looks at why it’s time for banks to join the conversation around environmental sustainability, explore cloud opportunities, and also help their customers deliver a net positive environmental impact. 

Unconscious bias in algorithms, AI and machine learning could be a significant driver for inequality. Financial services providers and technology vendors must address the problem to ensure a level playing field for everyone – when it comes to borrowing money, for example. This episode highlights why the industry must check if the biases that exist in society are being repeated through the design and deployment of these technologies, and looks at how to tackle the problem. 

 This episode continues our discussion around financial inclusion. While wealth gaps and inequality are dividers when it comes to income and financial stability, it is sometimes harder to see change when looking at these problems in developed countries. This episode explores key areas of inequality, including bias based on gender and ethnic background, and looks at how fintech can help tackle this issue. We also cover the importance of financial education for young people as a way to spark change. 

Collaboration and partnerships have long been part of the soul of many fintech companies, such as Finastra, but what are the benefits of collaboration between countries, how can these be strengthened, and what role do regulators play? 

 COVID-19 has changed the world forever, and the business sector has felt the impact acutely. Payments, funding, investment and development have all been affected. This episode will delve into the impact on the financial services sector, covering innovation and Banking-as-a-Service in the new environment. 

Financial exclusion is an issue facing close to a third of adults globally - mainly affecting women, poorer households and the unemployed. Yet technology could be the answer. With those in remote areas still often able to access the internet and a mobile phone, we discuss how financial technology can help redefine finance for good. 

Can fintechs, banks and regulators work together to close the trade finance gap? Dr. Rebecca Harding, CEO Coriolis Technologies joins Finastra CEO, Simon Paris and Emily Nicolle, Technology Editor, City AM to discuss in our latest Open Finance podcast episode.   This episode was recorded prior to the Coronavirus outbreak. 

 AI use cases and applications in financial services continue to grow. Data, transparency and education around implementing AI are essential, but ultimately who is responsible for the AI’s decisions and actions – the machine or the person? Huy Nguyen Trieu, Co-Founder of the Centre for Finance Technology and Entrepreneurship and Finastra’s Chirine BenZaied, Director Innovation discuss in our latest Open Finance podcast. 

How can fintech businesses work to acknowledge, reflect on and improve intersectional diversity policies? Longstanding colleagues, Karina Govindji, Diversity, Equity and Inclusion Director for Google EMEA and Finastra’s Chief People Officer, Sharon Doherty discuss.