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Does Fintech Contribute to Fair and Equitable Outcomes?

In: Fintech and Sustainability

Author

Listed:
  • Lakshmi Shankar Ramachandran

    (Emory University)

Abstract

In an effort to enhance the accessibility of credit to marginalized populations while ensuring equitable outcomes, financial technology (Fintech) companies are increasingly leveraging alternative data sources and sophisticated machine learning algorithms to better inform their lending decisions. However, anecdotal evidence, that received widespread media coverage and attention, suggests that these firms have not fully delivered on their promise. Given the recency of the topic, academic research in this area remains limited, thereby offering limited guidance. In this chapter, we aim to investigate the extent to which Fintech contributes to fair and equitable outcomes. To address this question, we provide an overview of emerging trends in Fintech, particularly in the context of consumer lending, discuss the existing regulatory framework, examine notable anecdotal evidence, and finally, review the available academic research on the subject.

Suggested Citation

  • Lakshmi Shankar Ramachandran, 2023. "Does Fintech Contribute to Fair and Equitable Outcomes?," Springer Books, in: Thomas Walker & Harry J. Turtle & Maher Kooli & Elaheh Nikbakht (ed.), Fintech and Sustainability, chapter 0, pages 91-106, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-40647-8_5
    DOI: 10.1007/978-3-031-40647-8_5
    as

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