Social sciences dean Bill Maurer is awarded grant to study use of AI in financial services
Bill Maurer, dean of UCI’s School of Social Sciences and professor of anthropology and law, has been awarded a grant from Capital One to investigate the human implications of how artificial intelligence and machine learning are employed in the financial services industry. Using case studies in applications of AI/ML that may increasingly affect people’s financial well-being, Maurer will propose frameworks to mitigate bias in consumer-facing AI/ML processes, with the broader goal of helping institute responsibility and fairness standards in the banking and financial technology sector. “An illustrative industrywide topic we will be exploring is the example of alternative credit scoring based on automated systems and new data sources,” he said. “Social media and online behavior may open doors to credit for the underserved, who lack traditional credit histories.” Also director of the UCI Institute for Money, Technology & Financial Inclusion, Maurer has particular expertise in emerging, alternative and experimental forms of money and finance, as well as payment technologies and their legal implications. His Capital One-funded study will run through December and culminate in a published report and a workshop with subject-matter experts.