JPMorgan Chase is investing in FairPlay, a startup focused on ensuring fairness in artificial intelligence used by financial institutions. Along with two venture-capital firms, JPMorgan is contributing $10 million to the company. The software developed by FairPlay aims to help banks and other financial services entities mitigate bias in their AI systems.
Many banks, including JPMorgan, are increasingly relying on AI to make decisions on consumer loans. However, this can introduce algorithmic bias, potentially excluding or disadvantaging segments of the population for reasons unrelated to creditworthiness.
