Over a couple of days at the Money 2020, Zest surveyed attendees - all financial services professionals - about bias in the credit scoring system and
Over a couple of days at the Money 2020, Zest surveyed attendees - all financial services professionals - about bias in the credit scoring system and
4 PagesO v er a couple of da ys at the Mone y 2020, Zest sur v e y ed attendees - all financial ser vices pr ofessionals - about bias in the cr edit scoring s ystem and AI’ s r ole in r emo ving this bias . Her e ar e thr ee k e y t ak eaw a ys w e identified:The financial ser vices indust r y needs to do mor e -- and w ants to do mor e -- to addr ess bias . Mor e pr omisingly , 65% s aid the y w ould be willing to switch jobs to w ork at a compan y that is doing mor e to adv ance racial equit y . 70% of r es pondents belie v e racis m is built into the e xisting cr edit scoring s ystem. T ak eaw a y 1AI could fix some of the flaws in the cr edit scoring s ystem. A f ter ackno wledging the racis m inher ent to cr edit models , 83% s aid AI/ML w ould lead to better and fair er cr edit scoring.
