Financial industry must tackle gender bias in algorithms, according to global fintech leader, Finastra - Seite 2

Simon Paris, CEO at Finastra, said, "Without this being a priority in the financial industry, AI will become a flywheel that will accelerate the negative impact on human lives. Finastra doesn't have all the answers but we believe that the industry must first acknowledge that there is a problem with algorithmic bias – only then can we work together to find a solution. We will work with our partners and ecosystem to drive the change the industry needs to make - collectively and collaboratively we can redefine finance for good and open it up to all. Finastra's goal is to ensure financial technology is benevolent and fair in every way to give everyone a level playing field when it comes to borrowing money."

Dr Leanne Allen, Director at KPMG Financial Services Tech Consulting, said, "Consumer and public trust are critical success factors for Financial Services. The findings in our report for Finastra make it clear that providers need to take care when designing, building and implementing these algorithms to ensure innovation can continue to advance in a safe and ethical way. The report brings together recent thinking on algorithmic bias, with specific applications to financial services and the potential for biased decision-making. Mitigating bias is vitally important in our digital and data-led world. Not doing so could run the risk of serious financial harm to the consumers who use these services."

To show its commitment to tackling this problem, Finastra has published a five-point plan as part of its drive to help redefine finance for good.

1.) Reforming Finastra's developer agreement: Finastra has updated its developer terms and conditions for FusionFabric.cloud, its open platform and marketplace for developers. This means developers and partners will be expected to account for algorithmic bias and Finastra has the right to inspect for this bias within any new application

2.) Creating new proof of concept technologies: such as FinEqual, a digital tool that enables bias-free lending, to give users the technology to empower them to tackle algorithmic bias within their own businesses. Currently at proof-of-concept stage, Finastra aims to make FinEqual available to customers in the next 18 months

3.) Hacking for good: Finastra commits to all future hacks having a focus on inclusion. To support this, Finastra will be launching a global hacking competition as part of its Hack to the Future series to shine a light on female talent in the industry by finding and celebrating balanced, female-led teams pushing the boundaries of AI and machine learning