Accessing personal or business finance could soon become harder for many Australian women, as artificial intelligence is increasingly integrated into financial services, bringing with it an increased risk of inherent biases and discrimination.
Experts are sounding the alarm that the banking and finance sectors’ embrace of new automated decision-making technology could leave women vulnerable to discrimination and more likely to be denied vital loans, as AI amplifies already skewed criteria.
“The status quo is bad and AI is going to take it to the next level. Women are already starting on the back foot, but AI will pour fuel on the fire,” says Amanda Rose, CEO of Entrepreneurial & Small Business Women Australia.
Leonora Risse, an economist focused on gender equality, says that, despite good intentions, AI models can ultimately…