SoFi says that when it comes to the idea of women being financially successful, the idea of artificial intelligence is wrong.
To solve this problem, California-based digital personal finance company A new campaign is being launched involving education, equal representation and free tickets to see one of the world’s biggest pop stars live in concert.
On Thursday, SoFi announced “Face of Finance,” a new effort to challenge artificial intelligence biases about women and money. According to the company, when AI engineers were asked to generate realistic images of people who are good at money, only 2 percent of the thousands of images were of women.
But according to SoFi, the data shows that’s far from an accurate depiction. A McKinsey study finds women control at least $10 trillion in assetsand this number is expected to rise over the next three to five years.
Meanwhile, a 2021 Fidelity analysis found that Women have higher ROI, study finds than their male counterparts, and Experian Report Men carry more credit card, personal loan and auto loan debt than women.
SoFi leaders say AI is driven by data that reflects society’s gender biases against women and personal finances. For Lauren Stafford Webb, SoFi’s chief marketing officer, it’s time to change that narrative.
“At SoFi, our mission is to help our members achieve the financial independence they need to achieve their ambitions — and that means all members,” she said. “Women are responsible for 90% of household financial decisions and are known to outperform men’s portfolios.”
As part of the campaign, SoFi hopes to retrain AI for women in finance. The organization will capture images of real women who are doing well in finance and expand the profile of female financial experts to begin retraining AI.
To support their efforts, SoFi is launching two pop-up photo booth experiences on Thursday and Friday at Brookfield Place in New York City. Women’s identities have the opportunity to be photographed via a photo booth that will be fed back into an AI model to drive more equal representation of women in personal finance activities.
Participants who share photos online using the hashtag #SoFiSweeps also stand a chance to win two tickets to a Taylor Swift concert at SoFi Stadium.
As part of its Face of Finance commitment, SoFi is also committing to equal gender representation in current imagery and content creation; investing in educational resources to provide financial literacy education to all members.
To learn more about the Face of Finance campaign, visit SoFi.com/change.
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