AI is increasingly being used in loan applications, but this raises concerns about potential bias and discrimination. If the data used to train these algorithms reflects existing financial inequalities, the algorithms may perpetuate these inequalities in their lending decisions. This can lead to marginalized communities being denied access to credit, hindering their ability to build financial stability and economic opportunity. Equitas Impact advocates for the development of fair and transparent AI systems in the financial sector. We believe that careful consideration of data sources, algorithm design, and ongoing monitoring are crucial to ensure that AI-powered loan applications do not exacerbate existing financial disparities. Equitable access to credit is essential for economic empowerment and social mobility.
The Digital Divide: How AI Accessibility Can Transform Global Economic Equality
At Equitas Impact, we’re transforming the digital divide into digital opportunity. Through our “Accessible AI
