 Does Fintech Contribute to Fair and Equitable Outcomes?Lakshmi Shankar Ramachandran ()
Chapter Chapter 5 in Fintech and Sustainability, 2023, pp 91-106 from Springer Abstract: Abstract In an effort to enhance the accessibility of credit to marginalized populations while ensuring equitable outcomes, financial technology (Fintech) companies are increasingly leveraging alternative data sources and sophisticated machine learning algorithms to better inform their lending decisions. However, anecdotal evidence, that received widespread media coverage and attention, suggests that these firms have not fully delivered on their promise. Given the recency of the topic, academic research in this area remains limited, thereby offering limited guidance. In this chapter, we aim to investigate the extent to which Fintech contributes to fair and equitable outcomes. To address this question, we provide an overview of emerging trends in Fintech, particularly in the context of consumer lending, discuss the existing regulatory framework, examine notable anecdotal evidence, and finally, review the available academic research on the subject. Keywords: Fintech; Fairness; Machine learning; Consumer lending; Discrimination (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-40647-8_5 Ordering information: This item can be ordered from DOI: 10.1007/978-3-031-40647-8_5 Access Statistics for this chapter More chapters in Springer Books from Springer |
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