* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, June 5, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ‘Sinners,’ starring Michael B. Jordan, is now streaming on Prime Video – About Amazon

    Experience the Thrills of ‘Sinners’ Starring Michael B. Jordan – Now Streaming on Prime Video!

    California Mid-State Fair announces entertainment lineups for Frontier and Mission stages – KSBY News

    Exciting Entertainment Lineup Unveiled for California Mid-State Fair’s Frontier and Mission Stages!

    Spotify & OpenAI: Will Gen AI ‘Hollow Out’ Entertainment? – Technology Magazine

    Will Generative AI Transform the Future of Entertainment

    Author Richard Russo Will Speak At Sandwich Town Hall – CapeNews.net

    Join Us for an Inspiring Evening with Author Richard Russo at Sandwich Town Hall!

    Entertainment Partners Acquires CASHét, Digital Payments Vendor for Productions – Variety

    Entertainment Partners Acquires CASHét, Digital Payments Vendor for Productions – Variety

    Salem’s Harborwalk Garden Cultivates Community with Entertainment, Food, and Events – 105.7 WROR

    Discover the Vibrant Community Spirit at Salem’s Harborwalk Garden: A Hub for Entertainment, Food, and Fun!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Domo to Participate in the D.A. Davidson Technology Summit – Business Wire

    Domo Set to Shine at the D.A. Davidson Technology Summit!

    When fiction becomes fact: 3 pieces of modern technology inspired by Star Trek – Redshirts Always Die

    From Screen to Reality: 3 Modern Technologies Inspired by Star Trek

    The Isfahan Center for Nuclear Technology – UCF, ZPP, and IRR10 – Alma Research and Education Center

    Exploring the Isfahan Center for Nuclear Technology: Innovations and Insights from UCF, ZPP, and IRR10

    Inside the tedious effort to tally AI’s energy appetite – MIT Technology Review

    Inside the tedious effort to tally AI’s energy appetite – MIT Technology Review

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    AI for lawyers: Win back your time using technology – nationaljurist.com

    Reclaim Your Time: How AI is Transforming the Legal Profession

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ‘Sinners,’ starring Michael B. Jordan, is now streaming on Prime Video – About Amazon

    Experience the Thrills of ‘Sinners’ Starring Michael B. Jordan – Now Streaming on Prime Video!

    California Mid-State Fair announces entertainment lineups for Frontier and Mission stages – KSBY News

    Exciting Entertainment Lineup Unveiled for California Mid-State Fair’s Frontier and Mission Stages!

    Spotify & OpenAI: Will Gen AI ‘Hollow Out’ Entertainment? – Technology Magazine

    Will Generative AI Transform the Future of Entertainment

    Author Richard Russo Will Speak At Sandwich Town Hall – CapeNews.net

    Join Us for an Inspiring Evening with Author Richard Russo at Sandwich Town Hall!

    Entertainment Partners Acquires CASHét, Digital Payments Vendor for Productions – Variety

    Entertainment Partners Acquires CASHét, Digital Payments Vendor for Productions – Variety

    Salem’s Harborwalk Garden Cultivates Community with Entertainment, Food, and Events – 105.7 WROR

    Discover the Vibrant Community Spirit at Salem’s Harborwalk Garden: A Hub for Entertainment, Food, and Fun!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Domo to Participate in the D.A. Davidson Technology Summit – Business Wire

    Domo Set to Shine at the D.A. Davidson Technology Summit!

    When fiction becomes fact: 3 pieces of modern technology inspired by Star Trek – Redshirts Always Die

    From Screen to Reality: 3 Modern Technologies Inspired by Star Trek

    The Isfahan Center for Nuclear Technology – UCF, ZPP, and IRR10 – Alma Research and Education Center

    Exploring the Isfahan Center for Nuclear Technology: Innovations and Insights from UCF, ZPP, and IRR10

    Inside the tedious effort to tally AI’s energy appetite – MIT Technology Review

    Inside the tedious effort to tally AI’s energy appetite – MIT Technology Review

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    AI for lawyers: Win back your time using technology – nationaljurist.com

    Reclaim Your Time: How AI is Transforming the Legal Profession

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Bank of England Warns of AI Bias Threat to Financial Sector

October 13, 2023
in Technology
Bank of England Warns of AI Bias Threat to Financial Sector
Share on FacebookShare on Twitter

Bank of England Warns of AI Bias Threat to Financial Sector

A recent report from a financial technology expert at the Bank of England has raised a red flag against the extensive use of AI in various industries, including finance. Although the inception of AI promises better efficiency, risks loom large on financial institutions that embrace AI.

The report, published by Kathleen Blake, explores the problem of AI bias and its potential consequences. It also urges the industry to address the pressing issue.

The report categorizes AI bias into two distinct groups. These are biases originating from the underlying training data and biases stemming from the results produced by AI models.

Eventually, these issues reflect the inherent biases of their creators and developers.

Blake further notes that it’s impossible to mitigate the bias based on the model’s output, given that bias rooted in the training data is far more complex.

Removing data points associated with characteristics like gender or ethnicity often turns out to be ineffective. Blake also compared this data bias to the historical practice of redlining in mortgage lending.

He explains, “In other words, the remaining, non-protected features could act as proxies for protected characteristics”.

Societal Bias and the Role of Data

Societal bias, as described in the report, stems when norms and negative legacies from society unintentionally seep into AI systems.

For instance, Blake cited the Amazon recruitment algorithm recommending more male candidates over female candidates due to historical data showing that males were traditionally hired more often.

This example shows how AI systems tend to retain existing biases.

The report also emphasizes that the financial sector comes under threat from AI bias. For instance, AI models charge higher interest rates to Black and Latin mortgage customers compared to their white counterparts.

This fuels financial inequality, leading to a compromise in trust in the banking mechanism.

Moreover, the ‘black box’ nature of proprietary AI models continues to be a concern. Many financial institutions depend on these models for different purposes. Their collective actions may have a significant impact on the economy.

Given that these models are opaque, the outcomes tend to be unpredictable.

While any catastrophic event is yet to occur, there’s a chance of this destabilization becoming real, as in the 2021 case where Apple and Goldman Sachs were investigated for offering smaller lines of credit to women based on algorithmic decision-making.

The report from the Bank of England highlights the urgent need to address the AI bias issue in the financial sector. While the potential of AI is immense, its adversaries in fueling biases cannot be overlooked.

The consequences of unchecked AI bias, as explained in the report, can lead to instability in financial institutions and the broader industry.

Therefore, it’s imperative to prioritize fairness and transparency while deploying AI to address these risks and ensure an equitable financial system.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/news/bank-of-england-warns-of-ai-bias-threat-to-financial-sector/

Tags: Englandtechnologywarns
Previous Post

Billionaire Statistics in 2023: The Post-covid Figures and Facts

Next Post

EU Warns TikTok to Tackle Disinformation in the Wake of Hamas Videos

The Ecology of Visitation – National Park Service (.gov)

Exploring the Impact of Visitor Interactions on Natural Ecosystems

June 5, 2025
Students play with science at Camp Invention at School of Innovation – News-Herald

Unleashing Creativity: Students Dive into Science at Camp Invention!

June 5, 2025
Are cold plunges good for you? Here’s what the science says. – The Washington Post

Unlocking the Benefits of Cold Plunges: What Science Reveals!

June 5, 2025
Casino magnate Alvin Chau’s wife Heidi Chan embraces Buddhist lifestyle after husband’s incarceration – VnExpress International

Casino magnate Alvin Chau’s wife Heidi Chan embraces Buddhist lifestyle after husband’s incarceration – VnExpress International

June 5, 2025
How each of the 32 teams qualified for the 2025 Club World Cup – The New York Times

Unveiling the Path: How All 32 Teams Earned Their Spot in the 2025 Club World Cup

June 5, 2025
Service side of the U.S. economy contracts for first time in almost a year due to trade fights – MarketWatch

U.S. Service Sector Shrinks for the First Time in Nearly a Year Amid Trade Tensions

June 5, 2025
‘Sinners,’ starring Michael B. Jordan, is now streaming on Prime Video – About Amazon

Experience the Thrills of ‘Sinners’ Starring Michael B. Jordan – Now Streaming on Prime Video!

June 5, 2025
Sutter Health investing $23 million in primary and behavioral care – Healthcare Finance News

Sutter Health investing $23 million in primary and behavioral care – Healthcare Finance News

June 5, 2025
Gov. Shapiro sues USDA over canceled $13M food purchasing program – LancasterOnline

Gov. Shapiro sues USDA over canceled $13M food purchasing program – LancasterOnline

June 5, 2025
Domo to Participate in the D.A. Davidson Technology Summit – Business Wire

Domo Set to Shine at the D.A. Davidson Technology Summit!

June 5, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (667)
  • Economy (681)
  • Entertainment (21,587)
  • General (15,261)
  • Health (9,723)
  • Lifestyle (684)
  • News (22,149)
  • People (682)
  • Politics (690)
  • Science (15,901)
  • Sports (21,185)
  • Technology (15,667)
  • World (668)

Recent News

The Ecology of Visitation – National Park Service (.gov)

Exploring the Impact of Visitor Interactions on Natural Ecosystems

June 5, 2025
Students play with science at Camp Invention at School of Innovation – News-Herald

Unleashing Creativity: Students Dive into Science at Camp Invention!

June 5, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version