Fintech PR

Financial industry must tackle gender bias in algorithms, according to global fintech leader, Finastra

Published

4 years ago

March 4, 2021

Finastra, one of the world’s largest fintechs, is calling upon the global finance industry to tackle algorithmic bias which is likely to be impacting millions of people every day. The fintech firm, which supplies vital technology to financial institutions of all sizes, including 90 of the world’s top 100 banks, recently commissioned consultancy firm KPMG to look at the issue across banking, lending and insurance. The research considered how decisions coming from this advanced technology have the potential to impact outcomes for certain people and groups. In response to the findings, Finastra has published a five-point plan to identify and tackle algorithmic bias and is urging the financial industry to come together to take action and build a fairer society.

In the past decade, the financial world has been industrialized and digitalized through the introduction of artificial intelligence (AI), particularly forms of machine learning, boosting efficiencies and automating processes, resulting in many parts of banking, lending and insurance decision-making processes now being made by algorithms. The pandemic has accelerated the use of these technologies and whilst it brings clear positives, these vital algorithms can only be as ‘fair’ and unbiased as the data sets that are used to build them. The industry must check if the biases that exist in society are being repeated through the design and deployment of these technologies.

To understand the severity of the problem, Finastra commissioned KPMG to produce a report which reveals the sheer size of consumer lending markets and the potential impact of algorithmic bias. For example, in 2020, consumer lending and transactions across key financial products (credit card, other consumer product lending and mortgage/home lending) were over:·

$6,110bn in the U.S.
HK$1,270bn in Hong Kong
£440bn in the United Kingdom
€280bn in France
SG$110bn in Singapore

Both the provision and costs – e.g. the interest rates charged – to consumers of this credit will be informed in many cases by the algorithms that are used.

Simon Paris, CEO at Finastra, said, “Without this being a priority in the financial industry, AI will become a flywheel that will accelerate the negative impact on human lives. Finastra doesn’t have all the answers but we believe that the industry must first acknowledge that there is a problem with algorithmic bias – only then can we work together to find a solution. We will work with our partners and ecosystem to drive the change the industry needs to make – collectively and collaboratively we can redefine finance for good and open it up to all. Finastra’s goal is to ensure financial technology is benevolent and fair in every way to give everyone a level playing field when it comes to borrowing money.”

Dr Leanne Allen, Director at KPMG Financial Services Tech Consulting, said, “Consumer and public trust are critical success factors for Financial Services. The findings in our report for Finastra make it clear that providers need to take care when designing, building and implementing these algorithms to ensure innovation can continue to advance in a safe and ethical way. The report brings together recent thinking on algorithmic bias, with specific applications to financial services and the potential for biased decision-making. Mitigating bias is vitally important in our digital and data-led world. Not doing so could run the risk of serious financial harm to the consumers who use these services.”

To show its commitment to tackling this problem, Finastra has published a five-point plan as part of its drive to help redefine finance for good.

1.) Reforming Finastra’s developer agreement: Finastra has updated its developer terms and conditions for FusionFabric.cloud, its open platform and marketplace for developers. This means developers and partners will be expected to account for algorithmic bias and Finastra has the right to inspect for this bias within any new application

2.) Creating new proof of concept technologies: such as FinEqual, a digital tool that enables bias-free lending, to give users the technology to empower them to tackle algorithmic bias within their own businesses. Currently at proof-of-concept stage, Finastra aims to make FinEqual available to customers in the next 18 months

3.) Hacking for good: Finastra commits to all future hacks having a focus on inclusion. To support this, Finastra will be launching a global hacking competition as part of its Hack to the Future series to shine a light on female talent in the industry by finding and celebrating balanced, female-led teams pushing the boundaries of AI and machine learning

4.) Workplace equality: Within the organization, Finastra is continuing its journey to 50:50 male to female ratios across all its teams. This includes increasing women amongst our top 200 leaders and engineers from 30% to 40% by 2025 and to 50% by 2030

5.) Work with regulators: Finastra is fully committed to tackling AI bias. The company is working closely with regulators in multiple markets and, as a technology leader, is calling upon the financial services industry to take note of the threat algorithmic bias poses to society

The full report by KPMG can be sent directly upon request or found at the Finastra website.

Join the conversation ahead of International Women’s Day using #OpenByDefault #ChooseToChallenge

#OpenByDefault – Finastra is working hard to create a future where finance is open for all. Starting with International Women’s Day, the ‘Open By Default’ movement will be reflected across the hosted events, branded content and marketing strategies run by Finastra.

Fintech PR

OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers

Published

9 minutes ago

November 22, 2024

CISION (PR Newswire)

MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.

The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.

The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.

On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.

The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.

With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.

For more information: www.asharedpassion.com

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Fintech PR

Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™

Published

2 hours ago

November 22, 2024

CISION (PR Newswire)

alkira-ranked-25th-fastest-growing-company-in-north-america-and-6th-in-the-bay-area-on-the-2024-deloitte-technology-fast-500™

Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era

SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.

“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”

“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”

“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”

Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.

Now in its 30^th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.

Media Contact:
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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Fintech PR

EliTe Solar: Realizing Our Mission and Standing by Our Core Values

Published

2 hours ago

November 22, 2024

CISION (PR Newswire)

elite-solar:-realizing-our-mission-and-standing-by-our-core-values

Written by Arndt Lutz, CEO of EliTe Solar

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — EliTe Solar is dedicated to advancing technology with a strong focus on quality, sustainability, and meaningful partnerships. For nearly two decades, EliTe Solar has led the solar industry by adapting to changing market demands and setting standards in customer service and quality as evidenced by third party reviews. The company’s comprehensive strategy starts with ingots and wafers to cells and modules, supported by a global supply chain. This vertical integration underscores EliTe Solar’s commitment to excellence.

EliTe Solar’s core principles of honesty and transparency drives the company’s growth and actions. By upholding these values, EliTe Solar consistently goes above and beyond for their clients. Open communication is central to their work, fostering trust and loyalty. EliTe Solar ensures their clients are informed every step of the way—from production to customs clearance, and final delivery.

EliTe Solar offers a diverse range of products tailored to different needs. The company’s goal is to optimize module performance and achieve a low Levelized Cost of Electricity (LCOE), delivering lasting value for customers while minimizing costs and environmental impact. This approach supports their partners’ energy goals and contributes to a broader sustainability mission.

EliTe Solar’s supply chain is meticulously designed to meet high standards and market demands. The company sources all materials outside China to ensure traceability from raw material to final product. With ingot and wafer production in Vietnam, cell and module production in Indonesia, and manufacturing in Egypt and soon, the U.S., EliTe Solar maintains compliance and uphold supply chain integrity.

EliTe Solar’s project management expertise sets them apart, especially in challenging environments. Currently, the company is transporting one million solar panels to a remote site in Utah with EV trucking from Hight Mobility, working closely with their client and partners to ensure timely delivery and smooth communication. This demonstrates EliTe Solar’s dedication to reliability and strong partnerships.

EliTe Solar prioritizes inland and ocean transportation management, timely customs clearance, and comprehensive post-sales support to deliver reliability and customer satisfaction.

The company’s commitment to sustainability extends beyond eco-friendly energy options. EliTe Solar actively engages with communities to foster positive social impact. For example, the company recently awarded $50K in scholarships with Utah universities to support future solar industry professionals. This investment in education strengthens the sector’s future and contributes to global sustainability.

In the coming months, EliTe Solar is preparing to expand in Egypt and establish solar cell production in the U.S., creating jobs and reinforcing a dependable supply chain. With a track record of reliable service and top-tier solar technology, the company is proud to have supplied over 10 GW of solar modules worldwide, playing a vital role in the shift to sustainable energy. As EliTe Solar continues to grow, the company’s principles of quality, transparency, and sustainability will guide every member, positioning EliTe Solar as a leader in the global solar industry.

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