TruEra Honored With Fast Company’s 2022 World Changing Ideas Award for Reducing Bias and Improving Accuracy in AI-Based Credit Decisioning Models
TruEra and partner Demyst honored in AI and Data category; TruEra recognized for its AI achievements by Fast Company for the third time in two years
News provided byTruEra
May 03, 2022, 7:30 AM ET
REDWOOD CITY, Calif., May 03, 2022 (GLOBE NEWSWIRE) -- TruEra, which provides the first suite of AI Quality management solutions for AI explainability, model quality, and model monitoring, announced today that it has received Honorable Mention in Fast Company’s 2022 World Changing Ideas Awards in the AI and Data category. TruEra and partner Demyst were honored for “Improving the Accuracy and Fairness of Machine Learning Credit Decisions.”
This is TruEra’s third Fast Company award in two years. In 2021, TruEra’s AI Quality Platform, which helps companies optimize their use of AI by analyzing model quality, increasing transparency, and mitigating unfair bias, was honored as a finalist in the AI and Data category of Fast Company’s 2021 World-Changing Ideas Awards. The company was also named to Fast Company’s annual list of the World’s Most Innovative Companies for 2021, as one of the 10 most innovative companies in AI.
While applications based on machine learning models represent a significant opportunity across many industries hoping to achieve more effective operations or new product offerings, those applications are often held back by model performance or bias issues, particularly in regulated industries. Automated testing, performance management, bias assessment, and monitoring have emerged as the most effective way to ensure models are performant and responsible. TruEra and Demyst worked together to develop a solution to mitigate bias in AI-based credit decisioning models, such as those used by financial services companies. The solution reduced the potential for bias against minority applicants by 30 percent, while improving the overall accuracy of the application.
“In order for AI to be effective, it needs to meet both business performance requirements and social benchmarks. This credit decisioning project with our partner Demyst demonstrates that AI can be made both more accurate and more fair at the same time,” said Will Uppington, Co-founder and CEO of TruEra. “This opens the door to both greater business efficiency through the use of AI-based applications, while improving the social good, ensuring that credit lending is happening fairly. I think it is an example that will be an inspiration across industries that are grappling with these challenges. We’re excited that Fast Company recognizes the value of the work TruEra is doing to improve AI model quality.”
“We at Demyst are proud to be recognized by Fast Company for this fair credit lending project,” said Scott Albin, Chief Strategy Officer at Demyst. “It’s a clear demonstration that machine learning use cases can be both expanded and dramatically improved by the use of high quality, curated, and compliant external data. This broader data use, combined with AI Quality management, can result in a clear win for companies.”
Now in its sixth year, the World Changing Ideas Awards showcase 39 winners, 350 finalists, and more than 600 honorable mentions—with climate, social justice, and AI and data among the most popular categories. A panel of eminent Fast Company editors and reporters selected winners and finalists from a pool of nearly 3,000 entries across transportation, education, food, politics, technology, health, social justice, and more. The 2022 awards feature entries from across the globe, from Switzerland to Hong Kong to Australia. Winners are featured today online at fastcompany.com and will also be in Fast Company’s Summer 2022 issue (on newsstands May 10, 2022).
For a video overview of the winning project from TruEra and Demyst, go to “Fairness in credit scoring/profiling with AI Quality Management and external data.” The whitepaper “Responsible AI with External Data and AI Quality Management Tools” also provides more details on the project.
About the World Changing Ideas Awards
World Changing Ideas is one of Fast Company’s major annual awards programs and is focused on social good, seeking to elevate finished products and brave concepts that make the world better. A panel of judges from across sectors choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With the goals of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to start working on solving the problems that affect us all.
The Demyst platform provides accelerated deployment of external data solutions for the world’s leading banks, insurers and fintechs. Demyst’s platform eliminates the friction associated with external data procurement, testing, and deployment to unlock innovation and drive business growth. Personalized solutions are made possible for every business use case. Unlock the power of external data with access to 100's of data providers worldwide via a single API. Getting started is easy, access your free trial at www.demyst.com/sign-up.
TruEra provides the first suite of AI Quality solutions that help enterprises analyze machine learning, improve and monitor model quality, and build trust. Powered by enterprise-class Artificial Intelligence (AI) Explainability technology based on six years of research at Carnegie Mellon University, the TruEra platform helps eliminate the black box surrounding widely used AI and ML technologies. This visibility leads to higher quality, explainable models that sustainably achieve measurable business results, address unfair bias, and ensure governance and compliance. TruEra offers both ML model evaluation and ML monitoring solutions. To learn more, visit truera.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/30773b70-8d71-4ab2-9439-7e93c7e93e8d