“This research offers an opportunity to make meaningful strides towards removing unconscious bias in decisions that have practical, everyday impacts. Stratyfy welcomes the chance to present our unique approach, and is honored to be part of this important work.”
NEW YORK (PRWEB) May 25, 2021
Stratyfy is pleased to announce its participation in critical research focused on improving the transparency and fairness of machine learning in the credit industry.
This unprecedented research will seek to address issues surrounding transparency and fairness that have made many lenders hesitant to adopt machine learning underwriting models at scale. The research will be led by FinRegLab, the industry leading innovation center in collaboration with researchers from the Stanford University Graduate School of Business (GSB) and key financial, technology, and regulatory stakeholders.
“Stratyfy is excited to join the leading minds at FinRegLab and Stanford in this important initiative,” said Laura Kornhauser, the company’s co-founder and CEO. “This research offers an opportunity to make meaningful strides towards removing unconscious bias in decisions that have practical, everyday impacts. Addressing biases in credit decisions is mandatory if we hope to ensure an inclusive economic recovery following a challenging year. Stratyfy welcomes the chance to present our unique approach, and is honored to be part of this important work.”
“Explainability is really a key thing. There is a very delicate balance between the practitioner being able to explain their decision to a regulator while benefiting from the upside the machine learning can bring. I believe the expertise, proprietary technology and tools that Stratyfy provides will be a critical component to understand the practical application of explainability, transparency and fairness in machine learning solutions.” said Dan Quan, Managing Partner of Banks Street Advisory and formerly the Senior Advisor to the Director at the Consumer Financial Protection Bureau (CFPB).
“We are at an inflection point in the public discourse about the safe and fair use of AI in credit markets. Independent research into AI governance tools is more important than ever. We're excited to be working with Stratyfy on this important agenda.” said Laura Blattner, Assistant Professor of Finance at Stanford GSB.
The study aims to provide in-depth insight into what is possible, giving practitioners a better understanding of available options that are outside of the traditional underwriting models. As an independent, nonprofit research organization, FinRegLab is conducting this research to drive the financial sector toward a responsible and inclusive marketplace.
To receive periodic updates on this research, please subscribe to FinRegLab’s newsletter at https://finreglab.org/#contact
Stratyfy is an ethical artificial intelligence (AI) company that offers predictive analytics and decision optimization software for credit and risk teams, helping lenders provide more people with access to fair and transparent credit. Stratyfy's unique solutions provide the level of understanding and control that regulated institutions require to proactively identify and mitigate bias and make better credit decisions. With Stratyfy's solutions, users can seamlessly combine the precision of data and the wisdom of domain expertise, optimizing risk-based decisions without introducing regulatory or operational risk.