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The Link Between Diversity, Inclusion and the Use of Technology – ReadWrite

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The Link Between Diversity, Inclusion and the Use of Technology - ReadWrite


It’s not news that technology has become an important factor in almost every aspect of our lives. More people are getting rid of traditional satellite TV and moving to streaming services, Alexa letting us know when to water our plants, and the average person spending almost 3 hours and 30 minutes of their day just on their phone. It’s safe to say technology is an essential part of our day-to-day lives.

It isn’t just limited to entertainment and convenience in our personal lives either; many of us could not do our jobs without technology. Whether we’re graphic designers whose entire role exists within a computer, to supermarkets whose tills use complex software to keep the shop running.

The Link Between Diversity, Inclusion and the Use of Technology

Our lives revolve around technology in many ways, which raises the question of why the UK is falling behind in adopting newer technology such as AI and deep learning in the workplace?

What if diversity in the technology industry is a related factor in whether or not your business will fall behind.

What does diversity have to do with technology?

A criticism often given to technology is that its level of diversity and inclusivity fall behind many other industries.

The technology sector is currently expanding 3 times faster than the rest of the UK economy, but the diversity numbers fall beyond other areas. Gender diversity is estimated at just 19% in tech, and this is compared to 49% in other industries. When you get to higher-level executive roles within the tech industry, gender diversity falls to just 5% of women in senior positions.

From a business perspective, McKinsey’s Diversity Matters Report found companies with high diversity levels are 33% more likely to outperform competitors.

There are four types of diversity that can be found in the workplace.

  • Internal – These are things individuals are born with that are difficult or impossible to change, such as ethnicity, age and gender.
  • External – Refers to characteristics an individual is not born with, but are shaped by their experiences and circumstances such as education and appearance.
  • Organizational – This refers to whether organizations have a wide variety of job functions, union affiliations and work locations.
  • World View – Dealing with the experiences that shape how an individual views the world, such as their political leaning or cultural background.

When a company looks to create all four types of diversity, they create an inclusive environment where there is no status quo on how an employee should look, or be. Research shows employees who feel they work in an inclusive environment work harder and are more likely to tackle difficult tasks with a positive attitude due to their sense of purpose and loyalty.

These varied issues don’t just lead to a better work environment — they lead to a better product.

How does diversity create a better product?

Timnit Gebru, a Microsoft researcher and co-founder of Black in AI, says the lack of diversity will definitely affect the development of artificial intelligence and progress in computers:

“There is bias to what kinds of problems we think are important, what kinds of research we think are important, and where we think AI should go.

When problems don’t affect us, we don’t think they’re that important, and we might not even know what these problems are, because we’re not interacting with the people who are experiencing them.”

Gebru’s argument is that because there is a lack of diversity within technology, there is a lack of diversity in the technology it produces, especially when it comes to complex artificial intelligence.

When we look back at only 19% of tech workers being female and how Apple’s first promised “expanse” health app tracked blood alcohol but not menstruation cycles, you can understand why a more gender-diverse team may have seen this addressed before public release.

For many people, adopting new technology can be difficult because the technology is simply not built for them.

We’ve seen soap dispensers with sensors programmed to only recognize lighter skin tones that simply don’t register darker skin tones. Then there is voice recognition, with many examples of people having to fake southern English accents so that Alexa can actually understand requests and statements.

If the newer technology can’t recognize your voice — this creates an idea that technology is not designed with a diverse society in mind. Therefore, it can’t be used by a diverse society. Some of the voice programs have AI — so it’s just a matter of ML that will eventually get your voice tones — so keep trying to be understood!

A Microsoft report shows only half of UK employees use AI to work faster, compared to 69% of employees worldwide.

The demand for AI and deep-learning technology is not going to slow in demand anytime soon.

Industries increasingly see uses for it, not only to solve complex data problems but to predict customer behavior and habits. However, only 32% of UK employees actually feel their workplace is doing enough to prepare them for the growing necessary use of technology.

Technology relies on not just testing in developmental stages, but real-world applications to evolve and improve.

With the UK’s slow adoption rate of some technologies, it limits a technology company’s ability to fully realize the potential of some applications.

When you look at technology through the lens that it may not be made for you, and therefore may not work for you — it becomes easier to see why people have a negative bias towards it in some countries.

Is there any way diversity and technology can work together?

Part of why it’s important to be critical of technology is because it’s become so important to us, and we’ve seen the incredible work it can do with regards to diversity and inclusion.

One of the many ways technology can improve diversity and inclusion in the workplace is through dedicated diversity and inclusion technologies. 43% of D&I technologies are used for the purpose of talent acquisition, including candidate sourcing and selection, and the key to many of these technologies is artificial intelligence.

Artificial intelligence can help remove unconscious bias in recruiting throughout the entire hiring process.

AI has actually been used to write job postings, where it can write factual descriptions without leading statements or biased language that could be seen as exclusionary.

We’re also seeing AI being used in applicant screening, where it can be programmed to ignore demographics like race, age – all of which have been shown to give candidates an unfair disadvantage whilst applying for jobs.

Research shows applicants with “white-sounding” names have a 25% chance of being called for an interview, whereas applicants with “BAME-sounding” names only have a 10% chance of being invited to interview.

AI will screen CVs without registering this information instead of focusing on relevant skills, experience, and keyword matching to ensure it’s the best talent for being interviewed for roles.

Technology can also be used to improve existing problems in the workplace, not just focus on finding new talent. We’re seeing increased use of intelligent automation in employee benefits and compensation.

By combing through multiple sources, a cognitive bot can offer accurate insight into the compensation and benefits patterns across your organization, giving an unbiased view of gaps across your workforce and creating an even working environment.

Technology has its part to play

Compared to many industries, technology as we know it is an incredibly new industry. But, it’s important to note that while it still has a long way to go to become the diverse, inclusive space it needs to be to create the most cutting-edge technology, it is actively working towards this and helping support other industries in this pursuit.

The biggest takeaway is that technology is still a product of human design, which means it is not a completely unbiased creation.

If we want to create programs and tools that the wider workforce can adopt, it needs to be designed by groups that represent the wider workforce and can look from a variety of angles.

Image Credit: fauxels; pexels

Amy Hunt

Amy is a digital marketer specialising in content marketing and digital PR for UK based agency, Boom Online Marketing. She has a keen interest in and is particularly fond of writing about mindfulness, well-being and workplace productivity.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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