Algorithmic bias and financial services: A KPMG report prepared for Finastra
This report aims to stimulate and add to the discussion regarding how to mitigate potential algorithmic bias in financial services.
We explore the fundamentals of algorithms – how they work, what they require, and how they are used in day-to-day business. We set out how bias can be introduced into algorithms. We consider how some algorithms are used in financial services, and the relevance of the biases explored given those uses. We also set out key statistics on the market sizes for a range of products in the sector used by end consumers.
