In this pod,Carla Canino, CEO of Kindlee AI, shares with us how AI bias is costing lenders $443 billion annually and what financial institutions can do about it.Key highlights:• 65% of loan declines are actually creditworthy customers being misclassified by biased AI models• Traditional lending models ignore 23% disabled, 20% elderly, and 22% neurodiverse populations• Small banks waste $4-5M annually on operational friction caused by bias in customer interactions• European AI Act requires independent third-party auditing of high-risk AI systems• Inclusive lending models can increase profitability while ensuring regulatory complianceWe also go personal, and Carla shares her journey from payments expert to solo founder, explaining how her experience as a disabled immigrant showed her gaps in financial services that inspired her to start a company that solves for these.She demonstrates why reducing bias isn't just about social responsibility - it's about capturing enormous untapped market opportunities while maintaining risk standards and regulatory compliance.Follow for more discussions on building FinTech products with customer and commercial impact and to stay updated on the latest episodes.Socials:👉 Follow Carla Canino:LinkedIn: https://www.linkedin.com/in/carlakerstenscanino/Website: https://www.kindlee.ai/👉 Follow Monica:LinkedIn: https://www.linkedin.com/in/monicamillares/YouTube: https://www.youtube.com/@moni_millaresTikTok: https://www.tiktok.com/@moni_millaresWe cover:[00:00:00] The $443 billion lending opportunity being missed[00:28:00] Core question: How to lend more without losing money[02:21:00] Why 65% of good customers get declined by AI[04:46:00] The invisible customers AI models ignore[08:07:00] Personal banking discrimination story[10:17:00] Who exactly are these declined customers[13:24:00] Biometric authentication bias problems[18:21:00] What Kindly AI does for financial institutions[23:43:00] Zero integration implementation approach[28:50:00] European AI Act compliance implications[33:02:00] Quantifying operational waste from bias[37:54:00] Build versus buy decision framework[45:16:00] Career pivot to solo founder journey[55:14:00] Key startup pivot moments and lessonsSEARCH QUESTIONSHow to reduce AI bias in lending decisionsWhat is the cost of algorithmic bias in financeHow to approve more customers without increasing riskEuropean AI Act compliance for banksWhy do good loan applications get rejectedHow to measure bias in credit scoringWhat causes AI lending discriminationHow to build inclusive financial productsAI bias detection platforms for fintechHow to reduce false loan declinesWhat is systematic bias in bankingHow to serve disabled customers in fintechSolo founder challenges in AI startupsHow to comply with new AI regulationsWhat is ROI of bias reduction initiativesHow to audit AI models for fairnessWhy biometric authentication fails minoritiesHow to calculate operational costs of biasWhat is Kindly AI technologyHow to retrain discriminatory AI models--Production and marketing by Monica Millares. For inquiries about sponsoring the podcast, email Monica at [email protected]:This episode does not constitute professional nor financial advice and does not represent the opinion nor views of my current, past or future employers. The guest has agreed to record and release our conversation for the use of this podcast and promotion in social media.