Artificial intelligence (AI) will soon be widely applied in the financial sector, for example for fraud detection. A bank has to deal with thousands of transactions every day, all of which are impossible to check manually. Algorithms are faster and more efficient. Useful for the bank, but what does it mean for the consumer?

Artificial Intelligence (AI) has many applications in the world of finances, for example in detecting fraud, or when determining customer creditworthiness. However, the systems are self-learning and make decisions that are very difficult for humans to monitor. Is this dangerous? Joris Krijger, AI & Ethics specialist at the Volksbank and Erasmus University Rotterdam PhD candidate: “Algorithms mine an incredible amount of data for patterns. This can lead to a lot of information, but it comes at the cost of the human factor. If you want an insurance, does the insurer examine your individual situation? Or is your postcode more decisive in determining your premium? Using algorithms can result in large-scale discrimination.”

With support of the Familie Lurvink Fonds, Krijger is investigating how ethics can be guaranteed in AI-related processes. Krijger: “First of all, we need to train developers to signal ethical aspects. They must be able to explain why they make certain choices. Is age or postcode significant when deciding on whether someone qualifies for a mortgage? They must motivate these choices, evaluate the results, and stay transparent. That is the only way to minimize the risks that groups of people are unjustly excluded.”

Joris’s research is ‘spot-on’

Ivo Lurvink is director and partner of CVC Capital Partners Amsterdam and founder of the Familie Lurvink Fonds: “I believe that we should strive for a fair society with inclusive prosperity. If you talk about dishonesty, about the lack of equal opportunities, Joris’s research is ‘spot on’. Every manager and every entrepreneur should listen to Joris’s story. I envisioned supporting such a project when I founded the fund. Another great thing is the dialogue with the researcher. I hope to be able to support Joris as a sounding board and with a network.”More information

See the full article in Dutch on the website of Stichting Erasmus Trustfonds.