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On 12 October 2022, the Bank of Italy published a report titled “Artificial intelligence in credit scoring: an analysis of some experiences in the Italian financial system”. The report investigates the artificial intelligence (AI) and machine learning (ML) techniques used by Italian financial intermediaries to determine the creditworthiness. of individuals. The report is based on a survey carried out with financial intermediaries on the methodologies they used for customer selection within credit processes. Furthermore, the report outlines the current legal framework governing AI and lists the risks that the employment of such techniques carries. The report presents studies conducted in other countries and discusses some AI systems' biases, noting that some studies found specific algorithms that lead to incorrect risk differentiation and discrimination. However, the Bank of Italy emphasised that based on the most recent findings, there is no evidence that AI and ML systems have the potential to increase the risk of discrimination, especially if compared with statistical methods used traditionally in the financial sector.
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