Standard Chartered Bank (SCB) has partnered with US-based technology startup Truera to help eliminate bias which creeps in while making based on artificial intelligence (AI) technology.
The bank uses AI and data analytics to support its clients and stakeholders better.
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Through this partnership, SCB aims to ensure that the use of AI and data analytics adheres to the principles of fairness, ethics, and transparency.
The California-based outfit Truera will help analyze the AI models to identify and eliminate the unjust biases.
It uses Machine learning (ML) models to do so. But these models use complex algorithms and act like a “black box”, making its inputs and operations invisible.
SCB requires Truera to provide a greater insight into the ML processes to identify and mitigate bias in credit decision-making.
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By GlobalDataTruera provided a Model Intelligence platform, which is powered by enterprise-class AI Explainability technology.
This platform helps eliminate the “black box” in order to achieve measurable business results, address unfair bias, and ensure governance and compliance.
The solution pinpoints specific variables that affect risk scoring and also uses the links between impartial variables as proxies for identifying race or gender.
The bank said it will continue to work with Truera to develop the solution and explore its applications across a host of AI use cases.
Standard Chartered global head of analytics and data management 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.”
