Mastercard has announced a $5 million investment to establish the Center for Applied Data Science and Analytics (CADSA) at Howard University. This initiative aims to tackle racial bias within AI-driven credit approval processes.
The interdisciplinary center will focus on social impact research and train a new generation of data scientists skilled in analyzing racial biases in the financial sector.
Anthony Wutoh, Howard University’s provost and chief academic officer, commented, “Data science is pervasive and will increasingly influence our everyday lives. We appreciate our partnership with Mastercard, which allows us to leverage data science to explore significant societal issues, including disparities in health care and economics.”
He noted that Black communities face unique challenges related to algorithmic bias in financial services, particularly concerning credit decisions. CADSA aims to investigate how data science can help mitigate these biases in credit approval processes.
Salah Goss, Senior Vice President for Social Impact at the Mastercard Center for Inclusive Growth, highlighted the importance of responsible data use, stating, “Data influences nearly every aspect of life. It’s crucial to ensure that it is utilized in ways that positively address society’s most pressing issues. Howard University is pioneering a fresh approach to data science research by training professionals who can merge scientific rigor with broader societal impact.”
The faculty in Washington, D.C., is set to begin operations in the Spring 2022 semester.