Jeannie Marie Paterson
speaker
83 appearances
1 recordings
1 series
first heard Feb 2022
last heard Feb 2022
Jeannie Marie Paterson’s voice in public audio — every appearance, attributed to the second.
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Appearances
So the pitch for algorithmic processes that are being sold is the companies that are doing the ratings will say, we've got hundreds and thousands of data points that will help you make a better decision about who to lend to.
And that's well and good, but we need to go beyond the advertising pitch and actually look at what's happening online.
Because I think it's fair to say in Australia, you know, banks are really important to people's lives, to the economy.
And we demand a certain level of fairness in what's done.
Buying a house is the biggest decisions in people's lives.
It's really important to them.
And particularly young people are often moving out to new suburbs, up and coming suburbs to get a head start.
And they shouldn't have that held against them from some factor that they don't even know about.
Well, it's an interesting comment you make because in America they've used the same kind of algorithms to predict crime in particular areas and decide where police resources should be sent.
And when they did a survey of how this predictive policing algorithm works, they realised that it discriminates against poorer suburbs and poorer suburbs it was picking up petty crime by young people where in fact it was totally oblivious to
to closed-door drug crimes in richer suburbs.
So, in fact, you hit the nail absolutely on the head.
It's a very crude tool.
The algorithm is only as good as the data that it's working on.
So, for example, if people in a particular neighbourhood actually aren't borrowing money, perhaps because they're saving or relying on community and families to get financial support, that may show up as a
poor credit risk, where in that community, people in that community probably actually are very reliable and able to repay.
And in a supposedly wealthier suburb where there are high levels of borrowing and debt might look like people are able to manage their incomes, but you may have a lot of potential problems just over the horizon.
So yes, looking at something like postcode and making decisions of it, it
might appear statistically viable, but when we dig down deeply, deeper, it may just be nonsense.
Yeah, I think that's right.
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