The Global Women’s Leadership Network (GWLN) recently organized an event for its members to learn about the impact of artificial intelligence (AI) and machine learning (ML) on financial inclusion. The event featured experts in the field who discussed the potential benefits and challenges of these technologies in promoting financial access for women and underserved communities.
AI and ML are rapidly advancing technologies that can analyze vast amounts of data and make predictions based on patterns and trends. In the financial industry, these technologies have the potential to revolutionize the way financial services are delivered and make them more accessible to a broader population.
During the event, the experts discussed the potential benefits of AI and ML in promoting financial inclusion. They highlighted how these technologies could be used to develop more accurate credit scoring models, detect fraud more effectively, and automate routine tasks, freeing up resources to focus on more complex financial services.
However, the experts also acknowledged the challenges and risks associated with the use of AI and ML in financial services. One significant concern is the potential for these technologies to perpetuate and amplify biases in credit scoring and decision-making. They emphasized the importance of ensuring that these technologies are designed and implemented with transparency and fairness in mind, to avoid excluding or discriminating against certain groups of people.
The event also emphasized the role that women can play in shaping the development and use of these technologies to promote financial inclusion. Women are often disproportionately excluded from financial services, and their perspectives and experiences can help to identify and mitigate potential biases in AI and ML applications.
The GWLN event highlighted the need for collaboration and education among financial professionals, policymakers, and technology experts to ensure that AI and ML are used in ways that promote financial inclusion and benefit underserved communities.
The GWLN is a global network of credit union women that aims to promote gender diversity and leadership in the credit union industry. The organization provides training, mentoring, and networking opportunities to women in the credit union industry and advocates for policies that support gender equity and financial inclusion.