Scenario $3$: Socioeconomic Bias in Loan Approvals

A bank$$s DSS for loan approvals tends to favor applicants from higher socioeconomic backgrounds, making it harder for low$-$income applicants to get approved.

Analyze the scenario: Identify potential sources of bias and their impact.

Discuss ethical implications.

Brainstorm strategies to identify and mitigate bias in this scenario.

Please provide detailed answers to each scenario, considering both technical and ethical perspectives.