Fair & responsible AI company one of select companies honored for AI innovation & transformation, recognized for AI solution for lending services.
PHILADELPHIA, Dec. 12, 2024 /PRNewswire-PRWeb/ -- SolasAI, the fair and responsible AI company, announced today that it has been named a Cool Vendor by the information technology research and advisory giant Gartner in the 2024 Gartner Cool Vendors for Artificial Intelligence in Banking and Investment Services.
"How exciting and thrilling it is to be named a Gartner Cool Vendor," said Larry Bradley, Co-Founder & CEO of SolasAI. "SolasAI was founded to help banking, insurance, and healthcare customers build trusted relationships with machine learning and AI while reducing their downside risk. As businesses move forward with these advanced initiatives, we believe that they need to be able to trust that their AI and machine learning investments are producing the desired and intended results.
"SolasAI provides technology that enables its business partners to utilize AI responsibly, safely and effectively. With SolasAI, a company can validate and improve its own AI investments with transparency and trust."
The Gartner report, authored by Jasleen Kaur Sindhu, Uri Lerner, and Pete Redshaw "covers four novel cool vendors that apply AI, including generative AI (GenAI), particularly in areas such as financial crime prevention, lending, market due diligence, and compliance and reporting."
Among the report's recommendations is to "integrate AI governance solutions to identify and reduce bias, and improve explainability and transparency of AI/ML models. This will ensure fairness and regulatory compliance in areas like credit underwriting and fraud detection."
The report notes the following in its key findings: "Lending is one of the top five areas where AI initiatives are currently underway in the banking and investment services industry. However, successful AI integration will require its safe and responsible usage through AI governance solutions that help assess fairness, transparency and accountability of the algorithms."
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. SolasAI offers a SaaS solution that allows companies to correct for the inherent bias associated with the underlying data used to operate AI investments. SolasAI helps customers sustain and build fair models while reducing their regulatory, legal, and reputational risks, and meeting their business goals.
"We are pleased to be recognized by Gartner and commend their ongoing emphasis on ethical AI in their publications," said Nick Schmidt, Chief Technology and Innovation Officer of SolasAI. "This focus highlights the critical importance of eliminating bias in AI systems, particularly in high-stakes applications such as lending. At SolasAI, we are dedicated to ensuring that AI models are transparent, fair, and aligned with both ethical and regulatory standards. The Gartner Cool Vendor recognition provides an invaluable platform to amplify our mission of helping customers responsibly harness the transformative potential of AI."
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GARTNER is a registered trademark and service mark and COOL VENDORS is a trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About SolasAI
SolasAI technology helps companies accelerate their AI use while reducing the regulatory risks and overhead costs that other AI consumers battle. Built on 45 years of experience at more than half of the Fortune 50 companies, it is the industry's most rigorous and field-proven solution to identify bias and generate fair alternative models at machine speed.
As businesses move forward with advanced AI initiatives, they need to be able to trust that their AI and machine learning investments are producing the desired and intended results. SolasAI's innovative approach, incorporating years of technical and regulatory expertise, has drastically decreased the time required for compliant models, making it a leader in AI model risk management and governance, and a pioneer in Responsible AI software.
At SolasAI, we help you optimize model fairness and business goals while reducing your regulatory, legal, and reputational risks. For more information, please visit https://www.solas.ai/.
Media Contact
Collin Schuck, SolasAI, 1 856-304-1278, [email protected], https://solas.ai
SOURCE SolasAI
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