How uk regulators are preparing for algorithmic bias in finance and lending decisions
I’ve been watching how lenders, banks and credit-check firms use algorithms for several years now, and the same question keeps coming up at briefings and roundtables: can a machine lend fairly where humans have failed? That’s a deceptively simple question. Algorithms can speed up decisions and spot patterns invisible to humans, but they can also entrench historic prejudice or create new, opaque ways of excluding people. In the UK, regulators...