Jithu Karunakaran, Arunjith OK, Ramdas Sasikala, Shineed Vijayan
What is the problem
Communities of color are disproportionately impacted by the failures in our housing markets, with homeownership rates for Black and Latino individuals falling far below the rate for white individuals. Because homeownership is how many families save and build wealth, these racial disparities in homeownership contribute to the racial wealth gap. It is far past time to put an end to systemic housing discrimination and other contributors to this disparity. In order to achieve significant reductions in mortgage lending discrimination, regulatory agencies must do a better job of identifying institutions that are discriminating. Much of the research suggests that lending institutions maybe discriminating without realizing it. Lending institutions need tools they can use to monitor and assess their own anti-discrimination efforts. Lenders cannot take action if they do not realize that they are discriminating, and neither regulators nor fair housing groups have sufficient resources to investigate all lending institutions.
What is FinPower
FinPower is a powerful calibration tool, which helps Banks, Financial Institutions, and Regulating agencies to identify and eliminate discriminatory lending practices and monitor fair lending performance.
How we built it
We have leveraged Finastra Fusion Analytics Data Engine, Acxiom Demographic Information, applied Machine Learning for suggesting the next best product, Microsoft Power BI for data visualization, Power Apps and Power Automate to drive action
What's next for FinPower
Currently, FinPower can be used for Banks and Financial Institution of all scales however smaller Banks that do not have an in-house compliance team can opt for FinPower for achieving the fair lending compliances FinPower can fit into the North American Community Markets and can be further extended/customized to Retail international market-Across different size/different Industry.