An article by
Ad Week, discusses Mastercard's development of a new AI tool designed to assist small businesses. The problem addressed is the potential bias in credit decision-making processes that may disproportionately affect small businesses, particularly those owned by women or minorities. Traditional credit scoring models sometimes exhibit bias, leading to inequitable outcomes for certain demographic groups. This bias can hinder access to financial resources for businesses owned by women and minorities, perpetuating economic disparities.
In response to this issue, Mastercard has introduced a new AI tool that aims to reduce bias in credit decisions for small businesses. The solution involves leveraging machine learning algorithms that consider a broader set of factors beyond traditional credit scores. By incorporating additional data points and using advanced analytics, Mastercard's tool seeks to provide a fairer and more inclusive evaluation of a small business's creditworthiness. The goal is to empower a diverse range of entrepreneurs by offering them better access to financial services and opportunities for growth, ultimately fostering a more equitable business landscape.
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