Discover Shauna Jones' insights on AI, finance, and social impact, exploring innovation with purpose for a sustainable future. Read more in this compelling article.
In today’s rapidly evolving world, artificial intelligence (AI) is influencing virtually every sector of society. One area where this transformation is especially profound is in the intersection of AI, finance, and social impact. A recent podcast discussion hosted by Mark Allen from Gaper.io with Shauna Jones, an AI evangelist and experienced financial services professional, provided an insightful exploration into how AI is not only changing industries but also providing opportunities to address social inequities.
Shauna’s unique perspective blends her extensive background in finance with her deep commitment to using AI to foster diversity and inclusivity, particularly in the representation of Black women in digital spaces. Here’s a closer look at some of the key takeaways from that conversation.
Shauna’s passion for AI began two years ago when she stumbled upon AI-generated images through platforms like MidJourney. This introduction sparked her curiosity and led her on a journey of discovery. What caught her attention was the noticeable lack of diverse representation, particularly of Black women, in these AI-generated visuals. At that time, the AI models struggled to produce images of Black women when given the prompt “beautiful woman,” often defaulting to a narrow, Eurocentric standard of beauty.
This experience inspired Shauna to dive deeper into AI, not just as a tool for automation but as a medium for purposeful storytelling. She saw the potential of generative AI to celebrate Black culture, create accurate depictions of beauty, and bridge the gap in how different communities are represented in digital spaces. For Shauna, AI became a tool to challenge and redefine narratives, especially those around race and identity.
“I started to generate more images to figure out how to prompt more, and I really took it on as something I’m passionate about – having diverse images come out of these machines,” Shauna explained.
As Shauna pointed out, the AI landscape has evolved significantly since 2022. Early iterations of tools like DALL-E and MidJourney were lacking in diversity, but through advancements in AI and the increasing awareness of biases in AI training, improvements have been made. By 2024, these platforms can now better understand the nuances of Black culture, hairstyles, and other defining characteristics. The progress, however, has not been without challenges.
Shauna stressed the importance of diversity among the people who develop and train AI models. The biases seen in earlier versions of AI-generated images were a reflection of the data on which those systems were trained. It took a concerted effort by diverse teams of developers, advocates, and users to identify and address these biases.
“The more people that use these tools, the more information and better quality of data they have,” Shauna noted, pointing to the value of broader representation in the development process.
This drive for inclusivity in AI development not only improves the technology but also has profound social implications. By making AI more representative of the world’s diverse populations, the psychological and cultural impacts of exclusion can be mitigated. For Shauna, this is not just about improving algorithms – it’s about affirming the identities and experiences of underrepresented communities.
While Shauna’s journey into AI began with storytelling and art, her career in financial services has given her a unique perspective on the intersection of AI and finance. In particular, she sees AI as a powerful tool for promoting financial inclusion, especially in underserved regions like Africa.
In many African countries, including Nigeria, traditional financial services such as credit scoring and lending are not as prevalent as they are in Western economies. Instead, people often rely on cash transactions, making it difficult for them to access formal financial systems. Shauna envisions AI as a key enabler in this space, providing alternative ways for people to build credit and access financial products through technologies like micro-lending platforms.
“AI can create micro-lending platforms that people may be able to use other information, even if they don’t have collateral,” she explained.
By leveraging AI to analyze alternative data – such as mobile payment histories or social media activity – financial institutions can offer loans and other services to individuals who would otherwise be excluded from traditional financial systems. This can have a transformative impact, particularly in regions where economic opportunity is limited by a lack of access to credit.
Another exciting application of AI that Shauna highlighted was its potential to bridge the digital divide, particularly in education. In many developing countries, access to the internet and digital resources is limited. Data is often expensive, and streaming educational content is not always feasible. However, as AI models become smaller and more efficient, Shauna believes that they can be embedded in mobile devices to offer personalized educational experiences, even in low-bandwidth environments.
This vision includes AI-powered tutors and learning platforms that can be accessed by students in remote or underserved areas, providing them with the opportunity to learn and grow regardless of their geographic or economic circumstances.
“These smaller language models will give a student in a country that is underserved the ability to level up because they now have their individualized pocket tutor,” Shauna shared.
Such advancements have the potential to revolutionize education and empower millions of young people by giving them access to the same learning opportunities that wealthier students enjoy.
One of the more nuanced discussions in the podcast centered around the localization of AI for different markets. While Shauna expects that large AI models will remain generic to some extent, she also believes that fine-tuning these models for specific regions and industries will become increasingly common. This is already happening in areas like finance and mobile technology, where companies are creating tailored products to meet the needs of specific markets.
For example, in Nigeria, Android phones dominate the market, but the models sold there are often lower-cost versions specifically designed for that region. Similarly, Shauna sees a future where AI-powered financial tools are customized for different economic environments, ensuring that people in developing countries can benefit from these technologies without facing the same financial barriers as those in wealthier nations.
“These models and big tech companies will eventually tailor their tools and technologies to the price point and market,” Shauna predicted.
Shauna’s insights underscore the importance of developing AI systems that are not only advanced but also inclusive and accessible. From addressing biases in AI-generated imagery to promoting financial inclusion and educational access, AI has the potential to be a powerful force for social good. However, realizing this potential requires a conscious effort to design AI systems that serve the needs of diverse communities.
The journey toward more inclusive AI is far from over, but with leaders like Shauna advocating for change, there is hope that the future of AI will be one that uplifts and empowers everyone, regardless of race, background, or economic status.
“We’ve come a long way, but there’s still a long way to go,” Shauna concluded, capturing the essence of the ongoing effort to innovate with purpose.
During the discussion, Shauna was asked if AI is the driving force behind innovation or simply a part of the solution. Her answer highlighted the complex dynamics involved. She noted that while AI plays a significant role in bringing technological solutions to market, many factors contribute to its development and accessibility. For instance, she mentioned how in countries with limited data and computing resources, innovation might take a different path.
Shauna pointed out how data costs and accessibility vary drastically between countries. For example, while in the U.S. people may have unlimited Wi-Fi access, users in other parts of the world are often forced to carefully manage their data usage due to high costs. This disparity, she explained, pushes for innovation in more efficient and scalable AI solutions tailored for emerging markets.
The discussion also delved into the growing need for AI regulations, particularly in light of how advanced technologies like deep fakes are evolving. In California, for instance, there are ongoing debates around AI regulations, particularly in protecting consumers without stifling innovation. Shauna shared her belief that regulations, especially around issues like deep fakes and harmful content, are necessary but must be balanced carefully to avoid hindering technological progress.
She highlighted the EU’s role in shaping global AI policies through the EU AI Act, which could influence regulatory frameworks in the U.S. as well. However, she stressed the importance of ensuring that regulations do not stifle creativity or innovation, particularly in areas like art where AI is used to create deep fakes for positive purposes, such as celebrating culture. The question of “who decides” what constitutes a positive or harmful use of AI remains a significant ethical challenge.
In the financial sector, AI holds tremendous potential, but it also presents ethical challenges, particularly around bias in decision-making. Shauna emphasized the need for transparency in AI-driven decisions, especially when it comes to credit scoring, lending, and other financial services. Consumers, she argued, should have the right to know when AI tools are used and how their personal data is being utilized in decision-making processes.
Shauna suggested the possibility of developing new metrics, similar to the FICO score, that could measure the fairness and impact of AI-driven decisions in finance. For instance, an “AI score” could be introduced to assess how AI systems evaluate financial risk and opportunities, offering consumers a way to understand how these systems are impacting their financial standing.
One of the key takeaways from the conversation was Shauna’s advocacy for AI literacy and education. She believes that as AI continues to evolve, it will be crucial for individuals to understand the technology behind it. From finance to healthcare, AI is becoming increasingly integrated into everyday life, and Shauna highlighted the importance of preparing the workforce and future generations to use these tools effectively.
Drawing on her own experience in financial services and AI, Shauna pointed out that those who understand how to use AI will have a competitive advantage in the job market. She shared her belief that while AI itself won’t replace jobs, those who know how to leverage AI will certainly have an edge over those who don’t.
Throughout the podcast, Shauna frequently returned to the topic of AI’s potential to drive social equity. She shared a personal story about her son, who has a brain injury, and how AI tools have helped him excel in his studies at Morehouse College. Through AI, her son has been able to tailor his learning experiences and achieve success in ways that were previously unimaginable. This, she believes, is a powerful example of how AI can be used to democratize education and create opportunities for individuals who face unique challenges.
Shauna envisions a future where AI is embedded in everyday devices, providing individuals with access to personal learning tools, financial guidance, and healthcare solutions. She sees AI as a means to bridge gaps in access to education, financial services, and healthcare, ultimately benefiting society as a whole.
Looking ahead, Shauna believes that the maturity and popularization of AI models will have a profound impact on both economic growth and social equity. Just as the internet revolutionized the world, she sees AI becoming a ubiquitous tool that will be embedded in our everyday lives. This, she believes, will democratize access to knowledge and resources, particularly in finance and education.
In the financial sector, AI has the potential to streamline operations, reduce costs, and provide personalized services at scale. However, as Shauna pointed out, it is essential that financial institutions implement AI in a way that ensures fairness and avoids perpetuating existing biases. Transparency and accountability will be key to ensuring that AI-driven decisions are both ethical and equitable.
The podcast discussion with Shauna Jones offered valuable insights into the evolving role of AI in finance and its broader social impact. As AI continues to advance, the need for balanced regulation, ethical transparency, and widespread education will be critical. Shauna’s personal experiences and professional expertise highlight both the opportunities and challenges that lie ahead, particularly in using AI as a tool for social good and economic progress.
Ultimately, AI has the potential to be a powerful force for positive change, but it must be implemented thoughtfully and ethically to ensure that its benefits are shared across society.
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