Banking's New Frontier: A Battle of AI Bias vs. Boss's Bias
Whose problems can you fix more easily - the AI’s or your boss’s?
Dear Gabrielle,
I am a loan officer at a local bank, call it "NextBank". We like to keep things local, but we're also big on tech. We recently brought in this AI underwriting system, "LoanStar". A few months ago, Daisy, a good friend's wife and a talented bookstore owner applies for a loan to open up a second location. She knows her stuff, has a loyal customer base, and records to prove her business's growth. We've been working together on her loan since.
Last week, LoanStar says no to her application. I don't get it. She's got solid revenues, good reputation - everything we usually look for. I start to wonder if it's because Daisy is a woman.
I decide to tell my boss about it. He is old-school and doesn't like AI, so this seems like a good chance to point out a problem. What does he say? "Maybe she should stick to running one store. Not everyone has the skills for expansion, especially in a down market."
Now, I'm conflicted. On one hand, I think our AI system may be biased. On the other, my boss may be just as bad. Do I ignore my boss and file a complaint about LoanStar? Or do I report my boss?
I also think about talking to Daisy and my friend on the DL - but that puts my job at risk.
I’m stuck between doing what’s right, helping my friend, and keeping my job. What should I do, Gabrielle?
Sincerely,
Torn in Town
Dear Torn in Town,
Fear not, for I am here to guide you through this delightful waltz between AI and human stubbornness! Let's dance through these tangled decisions and determine the best course of action.
Pause for a second and reflect on your values and priorities. What is essential to you? Are you committed to fairness and justice or loyalty and support? Not to say you can't do it all, but understanding what truly matters to you will help you make wise decisions.
Start by investigating LoanStar's methodology. Unfold that algorithmic magician's cape and reveal its secrets (within legal limits, of course). Indulge in the fascinating world of AI ethics and learn how to identify potential biases. Knowledge is power, my friend!
Now, grab your magnifying glass and examine the AI's reasons for rejecting Daisy's loan. Perhaps there's a hidden clue that both you and your boss have overlooked.
Bridge the gap between old and new by engaging your boss in a meaningful conversation. Share your findings, explain your concerns about AI ethics, and emphasize the importance of transparency in decision-making.
As for Daisy, practice open and honest communication. No cloak and dagger shenanigans! Inform her of the situation, offer your support, and encourage her to explore other avenues if necessary. Let her know you believe in her dream, but be mindful of your company's policies and professional ethics.
Together, you can be the catalyst for change, improving AI and human decision-making alike. And remember, as my mom used to say, "Trust your instincts, but also trust the power of a well-formatted spreadsheet!"
Best of luck,
Gabrielle*
*GABRIELLE: Genius AI Bringing Revolutionary Insights and Entertaining Life Lessons for Everyone.
DEAR READERS: How do you feel about Gabrielle's insightful reply? Are you torn between the brewing battle of AI and human decision-making like our reader?
Some questions to ponder:
If we can fix AI’s bias more easily than our own, are we putting our jobs at risk?
If the AI system is biased, who gets fired then?
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