consumer credit reporting agency equifax He said that artificial intelligence (AI) is playing an increasingly important role in the company's operations.
In the company's announcement, quarterly earnings On Thursday (April 18), management said 70% of the new models and scores Equifax built last year were created using artificial intelligence (AI) and machine learning (ML), and this year He said his goal is to increase the number to 80%.
“In the first quarter, 85% of new models and scores were built with Equifax AI Machine Learning, achieving this goal,” the CEO said. mark beggar. “His Equifax.ai, which leverages our proprietary data, his Equifax Cloud, and the power of NTI, is a big area of focus and execution for Equifax in 2024 and beyond.”
The company's revenue rose 7% in the quarter, despite significant declines in mortgage and employer inquiries.
PYMNTS examined the role of AL and ML in lending decisions last year in conversations with: Kelly UphoffChief Technology Officer and Product Director cod.
“There are many The magic of data science It lies behind the simple act of extending trust to our market customers,” said Uphoff. “By combining new and novel data sources with machine learning and AI, we offer the ability to detect trustworthiness that others cannot detect.”
As the report points out, using these technologies to create unique financial identities for customers in emerging markets will revolutionize the lending space, allowing existing credit scores and other traditional It serves as a catalyst for financial inclusion for people who have been ignored or frustrated by traditional financial institutions that rely on methods. .
“People's economic lives, especially our customers' economic lives, are very personal and very sensitive,” Ahoff said. “You can’t just use machine learning and AI to optimize transactions; your product needs to do that. [build a long-term relationship with them.]”
And when dealing with the “vast majority of the world” who need credit but cannot find it, fintechs and lending platforms with the ability to continually innovate will realize a competitive advantage, Ahoff said. he pointed out.
PYMNTS recently spoke with: MJ JeanChief Strategy Officer surelyabout how AI is reshaping the small business loan underwriting landscape.
“The underwriting business is managed by risk assessment'' explained Mr. Jiang. “A lot of information is being collected about these businesses through the underwriting process…and there is a huge opportunity in applying generative AI to extract more information and better understand the relationships between that information. This is something that has never been possible using traditional methods.”
