UK-based direct lender, Everyday Loans, is undertaking a new project with Jaywing to optimise its processes using cutting-edge AI technology.
Everyday Loans provides a case-by-case approach to its customers, allowing for greater flexibility in lending decisions compared to traditional banks. Seeking to improve the customer experience while optimising operational efficiencies, the lender is actively evaluating the potential of using AI to enhance its processes. This has led to the company collaborating with Jaywing, a risk and data science consultancy.
Everyday Loans was drawn to Jaywing's AI-powered predictive modelling technology, Archetype, which has received accolades such as The Best Use of AI in Credit and Collections at the Credit and Collections Technology Awards (2023), The Best Customer Engagement Solution and Best Anti-Fraud Solution at the same awards in 2022.
This project will involve Everyday Loans using Jaywing’s modelling platform, Archetype, for a trial period, with Jaywing providing AI consulting services to Everyday Loans. The project will explore the potential for Archetype to expedite model deployment while also increasing the power over traditional methods. The collaboration aims to oversee the implementation of AI models and equip Everyday Loans with training to maximise the potential of this technology.
Commenting on the work, Jacob Rukin, Chief Credit Officer at Everyday Loans, says: “We're intrigued by Archetype's robust capabilities in credit risk modelling, distinguishing itself from other more generic AI tools available in the market. Its intuitiveness and tailored approach aligns with our mission to lend responsibly and continue helping our diverse customers achieve their financial goals.”
Nevan McBride, Risk Practice Director at Jaywing, added: “The Jaywing team is thrilled to demonstrate the capabilities of Archetype to Everyday Loans and are confident that it will outperform their incumbent, linear model. We look forward to showing Everyday Loans how our AI technology can not only benefit their business operations, but also enhance the experience of their valued customers.”