FairPlay
Click to visit website
About
FairPlay is the first Fairness-as-a-Service solution designed specifically for financial institutions, leveraging AI-powered tools to enhance model fairness and profitability. It automates the assessment of loan portfolios to identify biases, conduct fair lending analysis, and optimize underwriting and pricing processes efficiently. FairPlay offers features including Fair Lending Analysis, Customer Composition views, Redlining assessments, and Proxy Detection to ensure equitable lending practices while maintaining compliance with relevant regulations. The product is aimed at fintechs, banks, and sponsor banks, providing tailored solutions for each segment. With FairPlay, lenders can expect quick evaluations of models, creating opportunities for increased approval rates without raising risk levels, ultimately promoting economic inclusion and improved financial outcomes.
Platform
Task
Features
• real-time monitoring
• fair lending analysis
• proxy detection
• second look
• fairness optimizer
• customer composition
• demographic imputation methodologies
• automated fairness assessments
• redlining assessments
FAQs
What makes FairPlay different from other Fair Lending solutions?
FairPlay offers automated solutions for quick, reliable, and affordable evaluations of credit models and practices, enabling lenders to quickly adapt while improving profits and inclusion.
If underwriting models do not consider protected attributes like race and sex, aren’t they by definition already fair to protected groups?
No! Models can still inadvertently perpetuate discrimination due to correlations with non-protected factors; continuous monitoring is essential for fairness.
How are you able to consider qualities like race and sex without running afoul of the Equal Credit Opportunity Act (ECOA)?
ECOA does not prohibit awareness of protected status during model development to build unbiased systems. FairPlay’s loss function minimizes disparities while maintaining robust performance.
How do you incorporate AI in your models?
FairPlay uses AI to optimize decisions by replicating and explaining them. Its loss function helps models achieve multiple targets including high approval rates and fairness.
What type of loan products do you support?
FairPlay supports a diversity of lending products including mortgages, auto loans, credit cards, and Buy Now Pay Later options.
How are you able to increase fairness without increasing risk?
By optimizing credit models to assess underrepresented groups more effectively, FairPlay’s methods improve underwriting for protected classes.
How can you tell if an applicant belongs to a protected class?
Demographic imputation methodologies are used to estimate race and ethnicity based on names and geographic locations.
How do you measure 'fairness'?
Fairness is assessed using various metrics like adverse impact ratio, denial odds ratio, and marginal effects to evaluate potential disparate impacts.
Average Rating: 0.0
Average Rating: 0.0
5 Stars:
0 Ratings
4 Stars:
0 Ratings
3 Stars:
0 Ratings
2 Stars:
0 Ratings
1 Star:
0 Ratings
User Ratings
No ratings available.
Sign In to Rate this Tool
Featured Tools
Scalytics Connect
A federated AI framework that integrates decentralized data sources for AI development.
View Details
WhyHow.AI
Transform unstructured data into structured knowledge for accurate AI solutions.
View Details