Apple, Fintech

Apple, Fintech

Apple co-founder says Goldman’s Apple Card Algo discriminates

Does it discriminate and how?

12.11.2019

Does it discriminate and how?

Apple Inc and Goldman Sachs Group Inc, two of the most recognisable companies in tech and finance, are caught up in a growing debate over whether lenders unintentionally discriminate when they use complex models to determine how Americans borrow money.

Wozniak said he can borrow 10 times as much as his wife on their Apple Cards even though they share bank and other credit card accounts, and that other lenders treat them equally.

Lenders have promoted the models because they’re supposed to level the playing field among different borrowers by removing human error and focusing only on data.

Hansson didn’t disclose any specific income-related information for the couple but said they filed joint tax returns and that his wife has a better credit score than he does. Wozniak said he and his wife also file joint returns and share credit card and bank accounts.

"New technologies cannot leave certain consumers behind or entrench discrimination,” Lacewell said in a statement on Sunday. She also solicited complaints from aggrieved consumers on Twitter.

The algorithms have drawn scrutiny in Congress. In June, the House Financial Services Committee heard about examples of algorithmic decision-making where researchers have found instances of bias targeting specific groups even when there was no intent to discriminate.

Hansson said Goldman isn’t treating inadvertent bias seriously.

Read more: The Star

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