New SoFi Campaign Challenges Cultural Bias Depicted In Artificial Intelligence and Pledges Ongoing Initiatives to Help Everyone Get Their Money Right
SoFi, the digital personal finance company and all-in-one app, announced “Face of Finance”, a new campaign to challenge the bias of Artificial Intelligence (AI) against women and money. When SoFi asked AI to generate realistic images of people who are good with money, only 2% of images featured depicted women. Yet, data shows that women control $10 trillion in assets, which are projected to rise within the next three to five years.[1] Women’s rate of return on investments has been found to be higher than their male counterparts.[2] Men carry more credit card, personal loan, and auto loan debt than women.[3] And, single women are more likely to own a home than single men.[4] Artificial Intelligence is powered by data, but that data reflects the gender bias society sees with respect to women and personal finances, and SoFi wants to change that narrative.
“At SoFi, we’re on a mission to help our members achieve financial independence to realize their ambitions – and that means all members”
“At SoFi, we’re on a mission to help our members achieve financial independence to realize their ambitions – and that means all members,” said Lauren Stafford Webb, Chief Marketing Officer at SoFi. “90% of women manage financial decisions for their households[5] and women’s portfolios are known to outperform their male counterparts.[6] With our Face of Finance campaign, SoFi is honored to showcase the strength of women’s financial success and prowess. SoFi is committed to helping millions achieve their financial ambitions by providing them with the tools they need to borrow, save, spend, invest and protect their money better every single day.”
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As part of the campaign, SoFi is pledging to fight the bias and bridge the gap between women and personal finance through three meaningful initiatives: SoFi is committed to retraining AI with women in finance. SoFi will capture imagery of real women excelling in the financial space, as well as amplify the profiles of female financial experts, in an effort to begin to retrain AI. SoFi will also reflect the true face of finance by featuring equal gender representation in imagery and content creator work. SoFi will also continue to work to educate its members on personal finance via thousands of free articles and dedicated resources.
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SoFi will be hosting a pop-up photo booth experience at Brookfield Place in New York City on Thursday, June 22 and Friday, June 23 from 11:00 a.m. to 8:00 p.m. Female-identifying individuals will have the opportunity to take pictures via the photo booth that will be returned into the AI model to drive more equal representation of women participating in personal finance activities. Those who participate and post to social using the hashtag #SoFiSweeps will be eligible to win two tickets to a Taylor Swift Concert at SoFi Stadium. As part of the second commitment, SoFi continues to feature equal gender representation in current imagery and content creation. SoFi is also thrilled to announce an ongoing partnership with Your Rich BFF, who is an exemplary figure in today’s face of finance. For the third commitment, SoFi continues to invest in educational resources to provide all members access to financial literacy including the Coursera personal finance courses, “Making Money On Your Money” e-guide, and by offering complimentary access to financial planners to help anyone get their money right.
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