Abstract
Artificial intelligence (AI) use in the financial industry, particularly lending, has revolutionized efficiency and risk assessment. AI not only offers immense potential to enhance lending processes but also raises profound questions about fairness and discrimination, especially in financially sensitive situations where a customer’s loan application is rejected. This chapter explores the intricate relationship between AI and fair lending practices and suggests guidelines for lenders to ensure equity when granting or denying loan applications. Through examining key literature pieces, this chapter suggests best practices within the context of “AI-in-the-loop”.
Original language | English |
---|---|
Title of host publication | Financial Inclusion and Sustainable Development in Sub-Saharan Africa |
Publisher | Taylor and Francis |
Pages | 74-79 |
Number of pages | 6 |
ISBN (Electronic) | 9781040300589 |
ISBN (Print) | 9781032849379 |
DOIs | |
Publication status | Published - 1 Jan 2025 |
Externally published | Yes |
ASJC Scopus subject areas
- General Economics,Econometrics and Finance
- General Business,Management and Accounting
- General Social Sciences