Three of the world’s biggest banks are FairPlay customers. The key problems we solve for them are increasing growth, getting AI models into production, and compliance automation.
Here’s how we help them achieve their goals:
Growth
Many banks aim to expand their reach into underserved segments, such as low-and-moderate income or majority-minority consumers. These banks often find that their marketing strategies aren’t eliciting enough applications from these communities or that their underwriting models aren’t adequately sensitive to these populations. At FairPlay, we optimize their marketing and underwriting models to:
- Improve targeting
- Increase response rates
- Boost approval rates
Getting AI into Production
Implementing machine learning models can be challenging, especially when compliance teams lack experience with AI. We equip banks with technical tools designed for non-technical personnel, enabling quick, accurate assessments of models and data sources for compliance with:
- Fair lending standards
- Model validation requirements
- Other regulatory standards
Compliance Automation
Banks originating loans through third parties (such as fintech companies, auto dealers, and independent mortgage loan officers) need to ensure these partners do not pose risks to their institutions or customers. FairPlay’s monitoring and alerting solutions:
- Swiftly identify if third parties are inappropriately denying applications or marking up loans for protected class consumers
- Help determine if differences in outcomes are due to legitimate credit risk factors
Through these solutions, we help banks:
- Grow their top lines
- Realize the benefits of their AI investments
- Mitigate reputational and regulatory risks
If these are the business outcomes you seek for your bank, let’s talk!
