Standard Chartered to deploy Truera's model intelligence platform to identify and prevent unjust biases in decision-making
Standard Chartered has joined forces with US-based start-up Truera, to leverage the latter’s model intelligence platform to improve its model quality by mitigating unjust bias in AI assisted decision making.
The UK financial services firm said that machine learning models are created by leveraging complex automated algorithms, and can act like a black box where data scientists cannot explain how decisions are made, and how much is required for validation of a model.
The bank has partnered with Truera to ensure the ethical use of data, and boost the use of machine learning for core credit decisioning across different markets.
Truera team was given a challenge to develop a solution for enhanced insight into the machine learning decision making process and to identify and mitigate, unjust bias.
Standard Chartered analytics and data management global head Sam Kumar said: “New developments in analytical technology and expanding usage of data require us to fundamentally rethink how we demonstrate ongoing adherence to our pillars and tackle the issue of unjust bias.”
Standard Chartered retail banking chief risk officer Vaman S said: “While there are a number of companies that are exploring the issue of explainability with AI models, we were impressed by the strong academic background of the Truera team and their commitment to helping companies translate responsible AI principles into best practice.”
Standard Chartered’s retail analytics, risk, digital and technology teams worked with Truera
Truera has worked together with Standard Chartered’s retail analytics, risk, digital and technology teams on a pilot programme, which evaluated the challenger credit decisioning algorithm that used a mix of traditional data, and alternative data, with clients’ consent.
The company’s solution has been developed across multiple machine learning platforms and is capable of identifying the specific variables that influence risk scoring.
Truera co-founder, president, and chief scientist Anupam Datta said: “We are excited to partner with Standard Chartered to help analyse, improve, and build trust in their AI models with the Truera Model Intelligence Platform. We appreciate the pioneering and leadership role that Standard Chartered is taking with respect to the responsible adoption of AI across all its functions.”