The new alliance between these two leading fintechs will help to make collections practices more fair and humane.
LOS ANGELES, Nov. 29, 2023 /PRNewswire-PRWeb/ -- FairPlay, the world's first Fairness-as-a-Service™ company, is announcing a new partnership with January, a pioneer in humane debt collection technology. The partnership will enable the two organizations to increase positive outcomes for consumers and creditors by reducing disparate impact in the loss mitigation industry.
FairPlay, a leading fairness analytics solution for financial institutions, provides real-time monitoring of automated decisioning models to help creditors increase fairness while boosting profits. FairPlay's unique AI-powered approach to bias detection and fairness optimization aligns with January's digital-first, compassionate collections methodologies. January's products combined with FairPlay analytics will empower creditors to increase recoveries, comply with regulations, and ensure fair treatment of consumers.
With FairPlay, January can embed fairness considerations into collections strategies to create manageable debt repayment options for consumers, minimize disparities in settlement offers, and ensure consistent communication practices across borrower groups. Together, the two platforms represent the debt collection industry's most effective and compassionate approach to recoveries.
Founded in 2020, FairPlay works with creditors, fintechs, marketers, and other financial services companies to identify blind spots in their decisioning systems and provide second looks to increase profitability, improve fairness and reduce risk. The company's products use AI to detect and minimize bias in marketing, fraud detection, underwriting, pricing, account management, and collections decisions with a view to safely increasing positive outcomes for consumers, keeping pace with regulatory requirements, and enhancing customer satisfaction.
"January's unique approach to collections matches perfectly with FairPlay's pioneering approach to fair lending practices. " said January founder and CEO Jake Cahan. "By joining forces, we can further our goal of making the financial system work more effectively and humanely for both borrowers and lenders."
Founded in 2016, January improves borrowers' lives by helping them get out of debt, while helping creditors improve their collections, preserve relationships with their borrowers, and ensure compliance. January's larger goal is to facilitate the resolution of all past due and written-off debt. January's first product offering is a technology-enabled collection agency service that enables creditors to recover more while reducing reputational, compliance, and operational risk while giving borrowers more compassionate ways to get back on track.
"January is a pioneer in the loss mitigation industry. They have found a way to make the recovery process simultaneously more effective and humane," said FairPlay founder and CEO Kareem Saleh. "This means higher recoveries for lenders and more cleared derogatories for consumers. It's a win-win and FairPlay is excited to partner with January to make collections fairer."
FairPlay and January are both working to modernize historically outdated industries, helping lenders decrease risk and boost profits. Their leading digital platforms provide lenders with insight and analytics to improve borrower engagement, create better borrower experiences, and improve lenders' bottom lines.
About FairPlay AI
FairPlay AI is the world's first "fairness-as-a-service" solution helping organizations address algorithmic bias to find more good applicants that primary models miss — all without increasing risk. Built by some of world's foreknown leaders in AI, FairPlay's technology serves financial institutions, lenders, insurance carriers, marketers, and others, identifying blind spots in their algorithms and providing automated "second-looks" to improve decisioning systems. FairPlay's tools help lenders identify more good loans and increase the fairness of their portfolios, resulting in higher profits and fairer portfolios all without higher risk. For more information about FairPlay and its products, visit FairPlay.ai.
January is setting a new standard for humanized debt collection. January helps borrowers get out of debt, while helping creditors improve their collections, preserve relationships with borrowers, and ensure compliance. January's digital-first, empathetic approach to collections and recoveries increases performance, decreases risk, and creates better borrower experiences. By establishing a platform built on trust and transparency, creditors and borrowers both look to January for a better collection and recovery experience. As consumers increasingly struggle to pay their bills, delinquencies will continue to rise, reinforcing the need for a humane solution in this space.
January partners with leading banks, fintechs, credit unions, and debt buyers to optimize their existing debt collection strategies — enabling them to increase collections efficiency, improve recoveries, and create happier borrowers. January is 150x more efficient than traditional collections agencies and is the top performing agency for over 90% of their clients, all the while achieving industry-leading reviews from borrowers on Google Reviews and Better Business Bureau. Learn more at https://www.january.com/
Melissa Saleh, FairPlay AI, 1 6464838469, [email protected], fairplay.ai
SOURCE FairPlay AI