Forget banking the unbanked for a second and take a closer look at yet another signal on “unbanking the banked” - or how regular folks (not just politically incorrect politicians) are getting caught in digital drag nets and finding themselves denied access to banking services due to the black-box algorithms employed by banks to crack down on crime and risk.
How confident are you that “computer says no” redlining algorthiums will be deployed fairly?
How comfortable are you that you could be flagged and excluded from the global formal banking economy - and have no recourse to argue your case with a human?
Or on balance, do algorithmic justice systems offer us a glimpse of a truly fair world where everyone is equal before the algorithm… ??
Let us know.
Read more :
Surprise! You’re unbanked : https://www.nytimes.com/2023/11/05/business/banks-accounts-close-suddenly.html?smid=nytcore-ios-share&referringSource=articleShare
Don’t be surprised. Be ready : https://fluxtrends.com/service/futurists-in-residence/
Unbanking the banked