AI Can Help Address Inequity -- If Companies Earn Users' Trust

Bullish predictions suggest that artificial intelligence (AI) could contribute up to $15.7 trillion to the global economy by 2030. From autonomous cars to faster mortgage approvals and automated advertising decisions, AI algorithms promise numerous benefits for businesses and their customers. Unfortunately, these benefits may not be enjoyed equally. Algorithmic bias -- when algorithms produce discriminatory outcomes against certain categories of individuals, typically minorities and women -- may also worsen existing social inequalities, particularly when it comes to race and gender. From the recidivism prediction algorithm used in courts to the medical care prediction algorithm used by hospitals, studies have found evidence of algorithmic biases that make racial disparities worse for those impacted, not better. Many firms have put considerable effort into combating algorithmic bias in their management and services.