Feedzai, the world’s first RiskOps platform and the 1st startup launched under the scope of CMU Portugal, has been named a leader in the IDC MarketScape: Worldwide Responsible Artificial Intelligence, for integrated financial crime management platforms.
This award distinguishes Vendors that provide AI solutions specifically for financial crime management in the banking and financial services sector. In a time when most banks and financial institutions are using AI and machine learning to measure customers’ risks, it is crucial to prevent the consequences of AI bias. Human biases can creep into AI and machine learning algorithms, even unintentionally.
IDC defines Responsible AI as a framework aimed at building trust in AI solutions based on five key foundational elements: fairness, explainability, robustness, lineage, and transparency. The latest IDC’s report highlighted that “Open-source tools powered by optimization is Feedzai’s secret sauce allowing organizations to build portable machine learning pipelines that can run on-premises or on-cloud without significant code changes. Feedzai provides a multilayered solution approach with patented tools to help measure/identify patterns to keep FIs safe and compliant. Feedzai reinvests a significant chunk of its revenue back into R&D to fuel innovation.”
Feedzai has long been committed to Responsible AI frameworks for financial institutions, considering it the best way to ensure that AI and machine learning algorithms deliver fair decisions for all customers and aligns with their ethical values.
The company recently released the FairGBM algorithm, a general purpose algorithm that simultaneously trains models to optimize predictive performance and fairness. The idea is to deliver it not with a commercial use but as an open source via FairGBM GitHub repo. It is accessible to any company committed to providing model fairness at scale regardless of who their end-users are.
Feedzai has already been distinguished in August as a winner of the 2022 Fraud Impact Awards by Aite-Novarica Group. This latest recognition from the IDC MarketScape strengthens the Company’s position and commitment as a leader in the Responsible AI space.
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