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
I think when I said we need transparency, it's not just transparency for individuals, it's also transparency for a bank or any company that's purchasing algorithms, an algorithmic tool.
If you look at the marketing behind various predictive tools such as predicting credit risk, you're told there's high accuracy, lots of data points, but it's really important that the purchasers of those tools, banks,
have the skills, capacity, expertise to down a bit and look what's really happening in the data and understand that they may be perpetuating discrimination by relying on these tools, you know, as a worst outcome.
And even as a good outcome, the tools may actually not be very reliable.
not very accurate because they're missing so much important data about factors that are really relevant to whether people are likely to repay loans.
And particularly when you think that what we're seeing at the moment in a tight housing market is that people are going into new neighbourhoods, new areas.
There won't be much data about those areas, but we still want people to be able to buy houses in up-and-coming neighbourhoods, to buy houses in regional areas.
We want that exploration in the property market and we don't want algorithms stifling that.
I think that's right, because I think people understand very well that their credit history is relevant to how banks will consider them.
And they know that, for example, they can look up their own credit score, which looks at the extent to which they've had borrowings, repaid their credit card debt and the like.
And people know that we have responsible lending laws in Australia, which means that banks need to look carefully at people's ability to repay.
I think borrowers are aware of those things.
But the fact there may be other secret variables that are affecting decisions will be quite a surprise and also something that people will want to start knowing about.
And indeed, again, in Europe, if individuals are subject to an automated decision, they have to be told that and they have to have the right to say, I don't want to be subject to that decision.
I want the decision made by a person.
It's a decision banks shouldn't be making lightly, and it's a decision, in fact, credit rating agencies shouldn't be making lightly.
They can't glibly be going out and relying on factors that were unexpected to people and that may be, as I say, discriminatory or prejudicial.
And we're not just seeing this in the real estate market.
The real estate market is the tip of the iceberg.
Algorithms are now being used to decide not just whether you get a loan, but also whether you get a job.
Showing 61–80 of 83 · page 4 of 5
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