Truera collaborated with the bank’s retail analytics, risk, digital, and technology teams on a pilot that focused on one of Standard Chartered’s challenger credit decisioning algorithms which uses a combination of traditional and alternative data.
A solution that has been developed works across multiple machine learning platforms and is able to pinpoint the specific variables that influence risk scoring. It also can look for correlations between impartial variables that can act as proxies for demographic indicators such as race or gender, which could lead to the introduction of unjust bias resulting in unfair decisions.
The bank will now work with Truera to further develop the software and explore its application across a range of AI use cases.
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