Are biases in AI and risk models costing us more than we realize?
In this episode, Carla Canino and I explore the high price of biased systems and how reducing these biases can unlock both fairness and profit.
From AI’s role in financial inclusion to the amplification of systemic inequities, this conversation dives deep into how technology can perpetuate or solve critical challenges in the financial services industry.
Key Takeaways from the episode
In this episode, we discover:
– How biases in risk models cost financial services companies billions annually.
– Why AI often amplifies inequities and how to reverse this trend.
– How ethical innovation can drive fairness and profit.
🎧 Curious how ethical AI practices, responsible innovation, and embracing outliers can drive not just equity but also significant business growth? Hit play below and dive into the conversation.
The Kindlee Case for Fair, Unbiased and Profitable AI with Carla Canino | Ep. 84 – Women Disrupting Tech
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- Key Takeaways from the episode
- Want to help build a more inclusive tech industry? Change starts here!
- What’s magical about the episode 🪄
- The Two Zero-Cost Ways to Support Women Disrupting Tech
- What Stood Out to Me
- About Carla Canino
- About Kindlee
- The Book from the episode
- Let me know what you think!
- What’s coming up?
- More episodes like this?
What’s magical about the episode 🪄
Biases in AI and risk models aren’t just ethical dilemmas; they’re a $443 billion business problem for banks and insurance companies.
We hear from Carla Canino, founder of Kindlee, how reducing these biases can unlock financial inclusion, fairness, and untapped profit potential. She sheds light on the urgent need to reconfigure risk models, embrace fairer systems, and view regulation as an opportunity, not a penalty.
In episode 84 of Women Disrupting Tech, Carla and I discuss:
1️⃣ AI’s Role in Financial Inclusion: Biases in risk models exclude millions from financial services, costing the industry $443 billion annually.
2️⃣ The Amplification of Bias: AI doesn’t just reflect and perpetuate existing biases; it magnifies them, sometimes by a factor of 10 or more, through the weighting of flawed indicators.
3️⃣ Profit through Fairness: Reducing biases isn’t just ethical; it’s a proven way to unlock new profits and opportunities.
You’ll also learn about Carla’s journey as an immigrant solo founder with a disability. Spoiler: It’s a powerful testament to resilience and leadership in tech.
Click below to listen and learn how ethical AI can reshape the future of finance on Spotify.
The Two Zero-Cost Ways to Support Women Disrupting Tech
When you’re ready to support my guests in making DEI obsolete by the end of 2032, help out by doing these two things:
- Use the share buttons below to share the podcast with friends, family, and co-workers. This way, you give the women disrupting tech the platform they need to make it happen. Use the buttons below to share.
- Rate the podcast on your favorite podcast platform. Better yet, leave a review. You can use a rating of one to five stars. This will help other people discover the podcast. And if you leave a review, it will help me improve.
What Stood Out to Me
The moment that stood out to me arrives around 60 minutes into the interview when I ask Carla about her journey as a solo founder. In keeping with the underlying theme of the episode, Carla believes that being a solo founder is mispriced.
She goes on to list all the reasons why solo founders are becoming more attractive to Venture Capitalists, including the possibilities that AI gives to start a company on your own.
But the magical moment is just before that. Carla explains that statistically, as a Latina with a disability, she had no chance of being in any leadership position. Yet she has been there, so she knows she’s an outlier. She concludes by saying, “Being an outlier is very much a testament to one’s talent or to one’s potential.” If that doesn’t inspire, I don’t know what is.
Are you ready to learn how this outlier helps companies build fair, unbiased and profitable artificial intelligence? Tune in to the episode on Apple Podcasts using the button below.
Or click the image with the quote to watch the episode on YouTube.
“Being an outlier is very much a testament to one’s talent or to one’s potential.”
Carla Canino, Founder and CEO of Kindlee.
About Carla Canino
Carla Canino is the founder and CEO of Kindlee. Prior to founding Kindlee, she spent 15 years in financial services in various capacities. She also taught inclusive product management. You can learn more about Carla and connect with her on LinkedIn.
About Kindlee
Kindlee enhances the inclusivity of AI applications while identifying and increasing revenue, making fairness profitable for all.
With clear alignment to UN SDGs 1 (No Poverty), 8 (Decent Work and Economic Growth), and 10 (Reduced Inequalities), Kindlee is positioned to transform the lives of millions by driving financial mobility for those traditional systems overlook.
In 2024, Kindlee was included in the fall cohort of Techstars Miami.
If you’d like to learn more about Kindlee, check out their brand-new website, subscribe to their email list for weekly updates by Carla, and follow them on LinkedIn.
The Book from the episode
When you’re pondering the question why society is organized the way it is when it comes to gender, I can recommend a book that we also discuss in the episode. In The Patriarchs, Angela Saini explores the history of gender roles. I have to say that it is a very well-researched book with lots of interesting insights into how humanity has looked at gender roles throughout history.
Let me know what you think!
What biases do you think exist in the systems you interact with daily, and how could reducing those biases create both fairness and opportunity? Let me know what you think in the comments.
If you would like to suggest a guest that I absolutely must have on the podcast, please let me know via email or send a DM on LinkedIn.
What’s coming up?
I’m proud to say that we have some amazing episodes coming your way in the next few weeks. In episode 85, Gaurav Gupta and Iris Bloemsma explain how Blockverse helps companies upskill diverse talent for a more inclusive tech world. After that, Sara Leggese and I have an interesting conversation about the relationship between upbringing and career choices.
Stay tuned for more inspiring stories on Women Disrupting Tech! And if you want to be the first to learn about new episodes, subscribe to updates.
Until we meet again in the next episode, keep being awesome.
More episodes like this?
It’s always difficult to compare, but if I could recommend three episodes related to Artificial Intelligence and Financial Services, it would be these:
– In episode 60, we hear from Mesh’s co-founder Connie Bloem how she is using blockchain technology to make capital markets fair and accessible.
– In episode 59, Sonal Rattan explains how she’s helping financial services companies make complex concepts like data protection bite-size.
– In episode 57, Wafa M’Ribah comes on to talk about building and navigating a career as a woman in AI. And, part of her career was in financial services.
Women Disrupting Tech | The Podcast 