6. Dezember 2021, von Internetredaktion
Last Monday, 6 December 2021, the NAIL team welcomed Professor Katja Langenbucher from the Johann Wolfgang Goethe-Universität Frankfurt am Main, a leading EU academic in financial law and technology.
Due to novel uncertainties and the worsening general situation caused by the pandemic, the third NAIL Research Seminar, titled “AI as a Product? Algorithmic Credit Scoring as a Test Case for Regulation”, took place in an online format.
In the webinar, led by Prof. Georg Ringe, Prof. Langenbucher gave a presentation and stimulated discussion about the economic opportunities and regulatory challenges of AI-based financial services, using algorithmic credit scoring as a case study. Specifically, Prof. Langenbucher provided an overview of how the most innovative AI techniques are currently shaping the credit scoring industry and highlighted possible risks of market failures, including emerging risks to consumers’ fundamental rights that can arise from ‘aggressive’ Big Data analytics methods for assessing consumers’ creditworthiness. During the event, participants learned and discussed how the possible misuse of specific categories of personal data applied to algorithmic decision-making for creditworthiness assessment can result in bias concerns that could ultimately call into question the respect of consumers’ fundamental rights. In this perspective, Prof. Langenbucher shared her view about the current European approach’s alleged failure in effectively regulating the AI-based credit scoring industry.
We thank all participants for their contribution and comments that made it possible to organise a successful online event.
For all those who could not participate in Prof. Langenbucher presentation, the recording of the event is available on the NAIL YouTube channel following this link.