Artificial intelligence (AI) and machine learning are becoming increasingly relied upon by financial services companies and the credit sector; the algorithms powering these solutions have also advanced the use of AI and machine learning; while these advancements have helped new solutions they have also created new risks; these risks are primarily focused in three phases: input, training and programming; risks can also be higher when using nontraditional data; a report from White and Case titled, “Algorithms and Bias: What Lenders Need to Know” provides details on the evolution of algorithms in artificial intelligence and machine learning and explains important factors to consider for credit providers. Source
