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Ben O'Brien, Managing Director

The author

Ben O'Brien

Managing Director

In the past, the use of Artificial Intelligence (AI) in risk has been discredited due to issues such as the need for credit scoring systems to be interpretable and predictable. However, recent significant advances in AI are now set to revolutionise credit risk. To help lenders get ahead of the curve, we have just launched our new AI consulting service.

Technology research leaders Gartner have identified AI as a “Megatrend” for 2017, saying that it “will be the most disruptive class of technologies over the next 10 years due to radical computational power, near-endless amounts of data, and unprecedented advances in deep neural networks; these will enable organisations with AI technologies to harness data in order to adapt to new situations and solve problems that no one has ever encountered previously”.

Increasingly, effective use of AI will become the difference between those businesses that are adopting it to gain an edge on their competitors, and those that are being left behind.

As AI evolves, and becomes ever more prevalent, it will enable organisations to transform the way they operate, using new tools and approaches to become more efficient.  There is huge potential for lenders to start to take advantage of this transformation – but doing so involves many challenges, not least having the right skills and knowledge in-house (or perhaps just enough bandwidth) to identify key opportunities and then to execute on them.

Jaywing’s AI consulting service will help organisations to drive value from AI and machine learning approaches. Lenders looking to make their first steps into AI and machine learning can be supported by consultants who have expert knowledge and experience.  With almost twenty years’ experience leading risk, financial services and data science projects, our team specialises in AI, big data, data science, machine learning and data analytics - helping you to plug the data skills gap.

Our AI Consulting team, under Data Scientist Dr. Martin Benson, has already applied machine-learning techniques to solve the modelling challenges presented by IFRS 9 and stress testing by developing a new product – Horizon.

More recently, Jaywing has added Archetype to its suite of data science products - a leading-edge AI predictive modelling tool based on a unique application of deep neural nets that effectively solves the “black box” problem preventing the adoption of neural nets in credit scoring.

You can find out more about our AI consulting services here.