Latest product update slashes results speed from 48 hours to one hour, brings power of largest tech companies to small and mid-sized businesses
PHILADELPHIA, Sept. 7, 2023 /PRNewswire-PRWeb/ -- SolasAI, the leader in market-proven algorithmic fairness AI software, announced today sweeping enhancements to the SolasAI Bias Explainability & Mitigation Library to produce fairness results faster and more efficiently while enabling companies to safely and quickly innovate with AI. The update, available now, reduces fairness results processing time from 48 hours to within one hour, making this one of the fastest and most efficient AI fairness testing software on the market.
SolasAI has improved feature selection results compared to previous versions of the Bias Explainability & Mitigation Library as well as their competitors with fewer computational resources necessary. SolasAI also solved coding issues with larger data sets and made significant speed improvements, creating instantaneous advances in team collaboration and effectiveness while slashing turnaround time for producing results.
"What we've created in this latest update can only be replicated by top-five banks, and smaller banks and fintechs do not have the budget to do what we've been able to achieve," said Nicholas Schmidt, Co-Founder and Chief Technology & Innovation Officer at SolasAI. "This creates a situation where smaller companies can be just as, if not more, effective than larger competition based on what's available in the market. This is part of our vision to democratize AI and reduce bias & discrimination at all levels of business, and we're one step closer to achieving this."
SolasAI conducted private pilot testing with focus groups as part of their testing. Participating companies ranged from Fortune 100 healthcare and financial service companies constrained by computing power to AI-driven lending fintechs requiring optimized analysis to curb cloud computing costs and support legacy environments. Following the update, the groups saw a reduction in memory requirements for feature selections, leading to faster and stronger results without needing to improve hardware.
Smaller businesses commonly have two larger shortcomings that hold back performance compared to larger competitors: resources and access. Companies often don't have the required features in one package or host an automated or curation system that can organize data. Without resources to hire employees with high levels of data and fairness expertise, they keep models simple and easy to explain. Some companies may outsource or use third-party AI-driven services for models, so they rely on others to handle their AI modeling.
The Bias Explainability & Mitigation Library, SolasAI's paid testing and mitigation tool, gives smaller companies a unified, curated and easy-to-use library to handle more complex AI models without a robust investment in programming, data science and algorithmic fairness. The Library also allows smaller banks, credit unions and healthcare providers to test and resolve issues with third-party models at an affordable price.
"SolasAI is about innovating to help reduce discrimination for as many people as possible, and this latest update places us in the driver's seat to lead that effort," said Larry Bradley, CEO at SolasAI. "Smaller businesses want to improve their AI efficiency but just don't have the resources for it, and it's not just up to the larger corporations to close the discrimination gap. We're in it for businesses of all sizes; the more efficient we can be with our solutions, the closer we all can be toward fully democratized, responsible AI that works for real people."
This latest product update continues SolasAI's focus on innovation and improvement as AI capabilities and importance advance. In June, SolasAI rolled out an integration that tests for algorithmic unfairness using metrics for New York City's Local Law 144 of 2021 ("NYC 144"). The law requires companies to perform a bias audit on automated employment decision tools and publish these results to ensure fairness for applicants and regulate reliance on AI tools in hiring decisions.
The Bias Explainability & Mitigation Library not only detects type and scale of algorithmic problems but also explains where the bias comes from, quickly searches for and identifies alternatives with high quality and low disparity, and generates a full report. Companies can begin their SolasAI journey with the free Disparity & Bias Testing Library, which just detects the type and scale of the problem, before consultation.
To learn more about SolasAI as well as its solutions and consultation services, visit Solas.ai.
About SolasAI
SolasAI is a pioneer in Responsible AI Software, dedicated to accelerating the time-to-market of unbiased, production-grade AI models at scale. It is the industry's first solution to anticipate bias and generate fair alternative models at machine speed. Built on 45 years of experience and used by more than half of Fortune 50 companies, SolasAI is the only end-to-end, industry-agnostic AI software solution to help banks, fintechs, insurers, and healthcare companies achieve fairer outcomes for their customers by fixing their models rather than replacing them. This innovative approach, incorporating years of proprietary data and regulatory expertise, has drastically reduced the time required to ensure compliant models, making it a leader in the evolving landscape of AI model risk management and governance.
Media Contact
Collin Schuck, SolasAI, 1 856-304-1278, [email protected]
SOURCE SolasAI
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