NEWS COMMENTARY

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

Published:
November 13, 2019
Coverage:
Digital Transformation More...
Activities:
Incident
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. 

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