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Cross River Bank and Octane Lending are among the financial companies that have begun adopting software that the startup FairPlay calls “fairness as a service” as regulators scrutinize banks’ artificial intelligence-based loan decisions.
Banks and companies that use artificial intelligence to make loans agree with regulators that it should be tested for fairness. But they also say traditional loans could be just as biased.
Banks and companies that use artificial intelligence to make loans agree with regulators that it should be tested for fairness. But they also say traditional loans could be just as biased.