Mercator Advisory Group releases a new research report that examines the impact of hidden biases in ML and Artificial Intelligence--and how to avoid them.
BOSTON, Oct. 12, 2020 /PRNewswire-PRWeb/ -- AI models reflect existing biases if these biases are not explicitly eliminated by the data scientists developing the systems. Constant monitoring of the entire operation is required to detect these shifts. The remedy for such lack of focus is training.
Mercator Advisory Group's latest research Report, Tracking Mistakes in AI: Use Vigilance to Avoid Errors, discusses modes in which data models can deliver biased results, and the ways and means by which financial institutions (FIs) can correct for these biases.
"AI solutions can unwittingly go astray," comments Tim Sloane, the Report's author and director of Mercator Advisory Group's Emerging Technology Advisory Service and its VP Payments Innovation. "Applying AI to issues that can have large negative social consequences should be avoided. One example of this is using AI to implement the business plan of social networks Facebook, You Tube, and others, as presented in the documentary "The Social Dilemma." The documentary contends that social networks have optimized AI to drive advertising revenue at the expense of the individual and society. To drive revenue, social networks build psychographic models for each user to predict exactly which content will best engage that user."
Highlights of the research note include:
A glossary of terms
The various modes in which data can evidence biases
The appeal—and danger—of shortcuts
This document contains 15 pages and 3 exhibits.
Companies mentioned in this research note include: The Federal Reserve, ProPublica, The Verge.
Members of Mercator Advisory Group's Emerging Technologies Advisory Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
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Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.
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