Goldman Sachs and Apple come under fire for allegations of algorithmic gender bias in credit card spending limits

November 13, 2019
Digital Transformation More...
Very important

Following several allegations of gender discrimination against women, the CEO of Goldman Sachs, the card's issuer, publicly defended the company's decision-making process, stating that "we have not and never will make decisions based on factors like gender." What Goldman Sachs failed to take into account is that machine learning algorithms excel at finding latent features in data – features that are not directly used in training a machine learning model but are inferred from other features that are. Clients should be aware that propagating bias found in historical datasets is one of the biggest challenges in implementing machine learning and should explore bias detection and AI explainability tools that can help alleviate this issue. 

For the original news article, click here .

Further Reading

AI and machine learning 2019 year in review and what to look for in 2020

Analyst Insight | February 04, 2020

The AI market continues to evolve at an unprecedented pace. In 2019, more than $36 billion was invested into AI startups, and hundreds of AI companies were acquired. In this insight, we highlight six key trends in the AI landscape and propose what they mean for 2020. 1. North America remains ... Not part of subscription

Explainable AI startup DarwinAI announces funding led by Honeywell Ventures

News Commentary | January 04, 2021

DarwinAI attempts to illuminate how neural networks reach their decisions through its explainable AI (XAI) platform, GenSynth, which can be used to create custom deep learning models for applications including automated inspection and predictive maintenance. Unlike traditional AI platforms, GenSynth... Not part of subscription

Data privacy management startup DataGrail raises $30 million from VC investors, including Siemens-backed Next47

News Commentary | March 22, 2021

Adhering to compliance with privacy regulations like GDPR and CCPA is becoming cumbersome and expensive for companies. This has created a demand for data management tools like DataGrail's integrated solution, which has more than 900 integrations into different apps and infrastructure platforms. ... Not part of subscription