Insights

TackleAI CEO on Eliminating Bias from Financial Modeling

Bias can be found in a variety of businesses, including the financial industry. In this video clip from a Motley Fool Live interview, recorded on April 21, TackleAI CEO Sergio Suarez answers a few questions from Fool.com contributor Rachel Warren about how AI can be used to fight against financial discrimination.

Rachel Warren: So, if the idea here, if I understand correctly, is that some of the models are fundamentally flawed in the way that they’re interpreting the data. What are some of the ways that AI can actually help to combat finance discrimination?
Sergio Suarez: The thing is they’re not misinterpreting the data. That’s the data. [laughs] I think that people with Hispanic last names could end up getting lower credit scores. What people don’t know is a lot of times when you’re filling out loan applications, you think, “Hey, what’s your race?”
The reasoning behind it is to be able to help them make sure there’s no discrimination, but when you feed that into models, it doesn’t know why you’re telling it what the race is.
It studies that and says, “Hey, well, people with Hispanic last names tend to have lower credit ratings,” and that’s what ends up happening. These credit bureaus don’t tell you the algorithms they’re using, a lot of times, because they don’t understand the algorithms that they’re using.
That sort of bias is super, super common and if we continue to just have these deep learning models run rampant on their own by analyzing historical information that’s not curated, we’ll continue to get the same results.
Warren: Absolutely. What is the key solution here in your view? Is it adjusting algorithms?
Suarez: No. Actually, I think it’s the data that we’re feeding to our models. If you give it biased data, it’s going to reinforce itself. I think what’s really important is the people who are building these AI models and the neural networks, I think that it’s important for them to be diverse as well.
At TackleAI, we really focus on having a diverse team because one is we’re building software for the entire population, so I want to make sure that we reflect that. But on top of that is you need to see all the viewpoints when you’re curating data for an AI set.
A lot of times, we get perspectives from people that we just wouldn’t know if you’re in the United States, for example. We have people from Kazakhstan and Nepal and Ukraine and Mexico. That’s really what you need.
If you have one type of people that are constantly the ones that are training the models, then you’re only going to get their viewpoints on the data that they have curated, so I think it’s important to have that curated data by super-diverse people.The Motley Fool has a disclosure policy. –

Bias can be found in a variety of businesses, including the financial industry. In this video clip from a Motley Fool Live interview, recorded on April 21, TackleAI CEO Sergio Suarez answers a few questions from Fool.com contributor Rachel Warren about how AI can be used to fight against financial discrimination.

Rachel Warren: So, if the idea here, if I understand correctly, is that some of the models are fundamentally flawed in the way that they’re interpreting the data. What are some of the ways that AI can actually help to combat finance discrimination?

Sergio Suarez: The thing is they’re not misinterpreting the data. That’s the data. [laughs] I think that people with Hispanic last names could end up getting lower credit scores. What people don’t know is a lot of times when you’re filling out loan applications, you think, “Hey, what’s your race?”

The reasoning behind it is to be able to help them make sure there’s no discrimination, but when you feed that into models, it doesn’t know why you’re telling it what the race is.

It studies that and says, “Hey, well, people with Hispanic last names tend to have lower credit ratings,” and that’s what ends up happening. These credit bureaus don’t tell you the algorithms they’re using, a lot of times, because they don’t understand the algorithms that they’re using.

That sort of bias is super, super common and if we continue to just have these deep learning models run rampant on their own by analyzing historical information that’s not curated, we’ll continue to get the same results.

Warren: Absolutely. What is the key solution here in your view? Is it adjusting algorithms?

Suarez: No. Actually, I think it’s the data that we’re feeding to our models. If you give it biased data, it’s going to reinforce itself. I think what’s really important is the people who are building these AI models and the neural networks, I think that it’s important for them to be diverse as well.

At TackleAI, we really focus on having a diverse team because one is we’re building software for the entire population, so I want to make sure that we reflect that. But on top of that is you need to see all the viewpoints when you’re curating data for an AI set.

A lot of times, we get perspectives from people that we just wouldn’t know if you’re in the United States, for example. We have people from Kazakhstan and Nepal and Ukraine and Mexico. That’s really what you need.

If you have one type of people that are constantly the ones that are training the models, then you’re only going to get their viewpoints on the data that they have curated, so I think it’s important to have that curated data by super-diverse people.

The Motley Fool has a disclosure policy.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

  • This field is for validation purposes and should be left unchanged.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US & HK* Trades. Click Here!