This originally ran on Fintech One-on-One Podcast with Peter Renton, Chairman and Co-Founder of LendIt Fintech
The use of AI underwriting models has become widespread in recent years as lenders look to expand their credit boxes without taking on additional risk. But there has been a lot of talk, particularly in the last year or so, about bias in these lending models. There is a real need to address this bias problem head-on.
My next guest on the Fintech One-on-One Podcast is Kareem Saleh, the CEO and Founder of Fairplay. Their mission is to bring fairness to automated decisioning models in something they call Fairness-as-a-Service.
In this podcast you will learn:
- Why Fairplay’s mission is personal for Kareem.
- The origin story of Fairplay.
- The state of fairness in underwriting models today.
- Why there is still bias in assessing credit.
- A detailed explanation as to how they add a fairness aspect to AI models.
- How they define fairness.
- How fairness differs between lending verticals.
- How they created their Algorithmic Bias map on their home page.
- Why fairness through blindness hasn’t worked.
- Some of the lenders they are working with today.
- Why lenders are more receptive today than they were a year or two ago.
- The feedback he is getting from regulatory agencies.
- What we should be doing as an industry to engage lawmakers in Washington.
- How he was able to build such an impressive group of advisors.
- Why this is about more lending.