Artificial intelligence (AI) is what all those 1980s killer robot movies were trying to warn us about…right? For financial institutions (FIs), AI has many beneficial aspects. With the right platform and proper optimization, AI can enhance the experience for both the institution and the customer. From credit risk monitoring to customer behavior predictions and everything in between, AI solutions can provide services that were lacking in the pre-pandemic world. Thanks to the accelerated digitization sparked by COVID-19, those killer robots may be on our side, at least when it comes to assessing credit portfolios.

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.