FairPlay, a Fairness-as-a-Service company, announced a customer relationship with Chime, a financial technology platform founded on the belief that everyday people deserve access to helpful, transparent and fair banking services to unlock financial progress.
Chime will implement FairPlay’s solutions in “the underwriting models powering the financial products available through its platform.”
This will enable Chime to address “more members’ core needs: namely accessing short-term liquidity and building credit.”
Founded in 2020, FairPlay works with financial services companies “to provide real-time fairness testing, monitoring and optimization solutions that identify blind spots in algorithms and provide automated ‘second-looks’ to improve the decisioning systems impacting people’s lives.”
FairPlay’s tools are designed to “drive growth, reduce risk, keep pace with ever-evolving regulatory requirements, and improve positive outcomes for consumers.”
Xiongwen Rui, Chief Risk Officer, Chime said:
“Chime continues to disrupt the status quo in financial services for the benefit of everyday Americans. Partnering with FairPlay is consistent with that ethos, as it helps address the systemic biases pervasive in certain technologies. Leveraging the use of this innovative technology will enable us to serve more members and address their most pressing financial needs.”
Kareem Saleh, founder and CEO of FairPlay said:
“FairPlay tools get models into production faster and more responsibly by automating fairness testing, monitoring model biases, and identifying opportunities to be fairer within one’s risk tolerance. Chime is a leader in using technology to increase financial access and liquidity for millions of Americans. We’re pleased to help Chime in its mission to deliver better, fairer financial products.”
As noted in the update, FairPlay AI is said to be the world’s first “fairness-as-a-service” solution helping financial companies mitigate algorithmic bias, “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.”
As covered, Chime is a financial technology company, not a bank, “founded on the premise that basic banking services should be helpful, transparent, and fair.”
Chime aims to profit with consumers, and “not from them and has a business model that doesn’t rely on consumer fees such as overdraft, monthly service, or minimum balance fees.”
