Is AI sexist?

According to a recent Women’s World Banking study, it found gender bias in AI algorithms used to determine creditworthiness.

To find out more on this discovery, we invited Women’s World Banking Director of Research and Advocacy Sonja Kelly on the show. Sonja shared key findings from this study and one of the big ones was sexist AI contributes to the $17 billion gender credit gap.

The study also found:

• Algorithms themselves are often biased because the individuals creating them have unconscious biases that they code into the algorithms.
• Biases also emerge because of incomplete, faulty, or prejudicial data sets that companies use to “train” the algorithm. 
• The majority of data sources are vulnerable to gender-based bias.
• Data scientists and algorithm developers on the whole (U.S.-based, male, and high income) are not representative of the end customers being scored.

Sonja also discusses how this issue can be remedied, as well as their interactive tool that allows researchers and practitioners to explore various bias scenarios.

Check it out and let us know your thoughts.

TrueCar’s Head of Research and Consumer Insights Wendy McMullin joined us on the show to share findings from the company's new study showing COVID-19 impact on car shopping at the 1-year mark. Some of the findings Wendy shares with us include:

COVID-19’s Effect on Vehicle Shopping...

• More consumers indicated that their vehicle needs have increased as a result of the pandemic
• More consumers indicated that they would purchase a less expensive vehicle
• Interest in vehicle delivery has steadily climbed throughout the pandemic

Delaying Vehicle Purchase due to the Pandemic... 

• Remains steady with the fewest consumers intending to delay their purchase

Factors that Would Deter Vehicle Purchase...

• Concerns about potentially diminished income in the future are a top factor to deter vehicle purchase
• Dealerships not having the vehicle consumers wanted
• Threat of catching or spreading COVID-19 while shopping

Check it out and let us know your thoughts.

Enjoy the clip above and watch the entire episode below the show notes.

Finovate Vice President Greg Palmer joined us on the show to share 2021's line up with Finovate Spring taking place May 10-13, 2021 (online only). But the big announcement is that Finovate Fall, which takes place in New York City in September, will really happen in New York City -- in person.

Greg talked about how Finovate will take the best applications from its online events in 2020 and early 2021 and incorporate those into a hybrid conference model to complement the refreshed, in-person format.

​He also addressed how this hybrid model will benefit attendees -- especially those may not have the budget to attend in person or may not have the time to travel and attend. Attendees can get the best of both worlds -- either online or in person -- and still be able to watch and participate.

Lastly, Greg shared with us some of the fintech trends and solutions he saw percolate to the surface during their events over the last 12 months and how those are impacting the financial services industry today.

If you plan on attending Finovate online or in person, Greg has provided a special "CUbroadcast20" discount code for 20% off the event's registration fee.

Check it out and let us know your thoughts. And watch the entire episode below for all the details.

Enjoy the clip above and watch the entire interview posted below the show notes.

African American Credit Union Coalition President/CEO Renée Sattiewhite and Local Government Federal Credit Union President/CEO Maurice Smith joined us on the show recently to discuss moving forward with the 8th Cooperative Principle initiative — Diversity, Equity and Inclusion -- to make it official, rounding out the current seven cooperative principles.

According to Renée and Maurice, this initiative has been in the works for quite some time -- especially as the DEI movement has gained considerable steam over the last several years. It's time to make it official, which could happen as early as this fall.

Renée and Maurice discuss what's involved to make it official, the significance to credit unions and other cooperatives (business case for DEI), what credit unions need to do collectively to help make this happen, and much, much more.

For information, visit DEItalks.com and there you will find everything you need to know about the 8th Cooperative Principle to educate yourself and get involved.

Check it out and let us know your thoughts. And watch the entire interview below for all the details.

During PSCU 2021 Virtual Member Forum, the "Faster Payments, an Update from the Fed on Real-time Payments Infrastructure" session featured Dan Gonzalez, VP & Director, National and Processor Accounts, Federal Reserve Bank of Chicago, and Lou Grilli, Sr. Innovation Strategist, PSCU.

In this clip, Lou and Dan discussed why real-time settlement is increasingly important, as well as some misconceptions revolving around this process.

Check it out and let us know your thoughts. And stay tuned for more coverage and clips from PSCU's 2021 Virtual Member Forum.