The potential for the application of AI tools to result in new benefits to consumers is garnering a lot of attention. The opportunity to access services through innovative channels or processes can be a potent way to advance financial inclusion. 20 Consider, for instance, consumer credit scoring.
There are longstanding and well-documented concerns that many consumers are 19 In a 2017 request for public comment, the Bureau of Consumer Financial Protection noted that alternative modeling techniques may offer consumer benefits, such as greater credit access, enhanced creditworthiness predictions, lower costs, and better service and convenience, but also highlighted consumer risks, such as privacy concerns, data quality issues, loss of the ability to correct errors, and discrimination.