Standard Chartered has partnered with Truera, a US based startup, to use their model intelligence platform to improve model quality and increase trust by analyzing models and helping to identify and eliminate unjust biases in the decision-making process.
The Bank is an active proponent of the use of artificial intelligence and data analytics to better support clients and stakeholders, and doing so in a responsible and trustworthy way that adheres to the pillars of fairness, ethics, transparency and self-accountability.
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Sam Kumar, Global Head, Analytics and Data Management, Standard Chartered, 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.”
Machine learning, which makes it quicker and easier to analyse large amounts of data and identify patterns and trends, leads to better performance and risk management when used correctly. However, because machine learning models are built using complex automated algorithms, they can act like a black box where it is often challenging for data scientists to explain in detail how decisions are made, and validation of a model’s effectiveness can take longer.
Mindful to ensure that data is used ethically, and with a vision to scale up their use of machine learning for core credit decisioning across multiple markets, Standard Chartered presented a challenge to the Truera team, to help create a solution that gives greater insight into the machine learning decision making process, including being able to identify, and therefore mitigate, unjust bias.
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