Feedzai Named a Responsible AI Leader for Integrated Financial Crime Management Platforms by IDC MarketScape

The IDC MarketScape recognition comes at a time when a growing share of banks and financial institutions (FIs) are using AI and machine learning to measure customers’ risks. But technology isn’t perfect (it’s built by humans after all!). This means human biases can creep into AI and machine learning algorithms – even unintentionally. 

The consequences of AI bias are harmful to everyday people. Someone may be denied a loan because an algorithm considers their zip code “too risky” or their credit card payment may be declined because the owner is the “wrong” gender or race. These outcomes can result in financial hardships for real people. That wasn’t acceptable to us.

Feedzai dedicated time and resources to develop cutting-edge Responsible AI. Here’s why we were recognized as Leader in the IDC MarketScape Report.

About the IDC MarketScape Report

The IDC MarketScape study looked closely at vendors that provide AI solutions specifically for financial crime management in the banking and financial services sector. 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 IDC MarketScape report noted, “Feedzai’s RiskOps Platform offers a wide range of services and tools for machine learning developers, data scientists, and data engineers to take their machine learning algorithms, especially from Jupyter Notebooks, from ideation to production and deployment, quickly and cost effectively. Feedzai RiskOps Platform helps organizations develop, build, and operate their own machine learning applications if needed.” 

The report also noted, “Feedzai RiskOps Platform provides a set of prebuilt algorithms as well as the ability for users to import their own/external models. Feedzai RiskOps Platform offers model building, training, and tuning capabilities for citizen data scientists as well as data scientists. Feedzai can perform needed data wrangling and transformations of imported client data, if needed. Feature dashboards are provided for client data. The product provides users with a completely serverless experience that takes care of scaling up infrastructure as needed.” 

Perhaps most importantly, the IDC MarketScape report recognizes that our commitment to Responsible AI is never done. The report notes, “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’s Responsible AI Commitment

Feedzai has long been a champion of Responsible AI frameworks for financial institutions. We believe that Responsible AI should follow ethical principles because this is the best way to ensure AI and machine learning algorithms deliver fair decisions for all customers. Additionally, we believe AI models should be transparent and explainable, not a black box solution.

This recognition comes on the heels of releasing our groundbreaking FairGBM algorithm. FairGBM is a general purpose algorithm that simultaneously trains models to optimize both predictive performance and fairness. 

Most importantly, we decided to make FairGBM available for non-commercial use through open source via our FairGBM github repo. FairGBM isn’t designed to be limited to usage in the financial services sector. Any organization committed to delivering model fairness at scale can implement FairGBM, regardless of its industry or its end-users. 

FairGBM is only Feedzai’s latest accomplishment in Responsible AI. Last year, we launched Feedzai Fairband, an AutoML algorithm that automatically identifies less biased machine learning models that require zero additional model training costs to implement. Organizations can deploy the fairest model available without having to worry about compromised performance.

In August, Feedzai was named a winner of the 2022 Fraud Impact Awards by Aite-Novarica Group. The award recognized our work with Lloyds Banking Group that saw a significant reduction in fraud. Earlier this year, our AML suite was recognized as a strong performer in The Forrester Wave™: Anti-Money Laundering Solutions Q3 2022 report.

We believe this latest recognition from the IDC MarketScape cements our position as a leader in the Responsible AI space. We look forward to continuing our mission to make AI and machine learning more transparent and fairer for all bank customers. 

Download your complimentary copy of the 2022 IDC MarketScape report to learn what puts Feedzai at the forefront of Responsible AI.