Tag: Awards

Shri Santhanam, Executive Vice President and General Manager of Global Analytics and Artificial Intelligence (AI) was recently featured on Lendit’s ‘Fintech One-on-One’ podcast. Shri and podcast creator, Peter Renton, discussed advanced analytics and AI’s role in lending and how Experian is helping lenders during what he calls the ‘digital lending revolution.’ Digital lending revolution “Over the last decade and a half, the notion of digital tools, decisioning, analytics and underwriting has come into play. The COVID-19 pandemic has dramatically accelerated that, and we’re seeing three big trends shake up the financial services industry,” said Shri. A shift in consumer expectations More than ever before, there is a deep focus on the customer experience. Five or six years ago, consumers and businesses were more accepting of waiting several days, sometimes even weeks, for loan approvals and decisions. However, the expectation has dramatically changed. In today’s digital world, consumers expect lending institutions to make quick approvals and real-time decisions. Fintechs being quick to act Fintech lenders have been disrupting the traditional financial services space in ways that positively impacts consumers. They’ve made it easier for borrowers to access credit – particularly those who have been traditional excluded or denied – and are quick to identify, develop and distribute market solutions. An increased adoption of machine learning, advanced analytics and AI Fintechs and financial institutions of all sizes are further exploring using AI-powered solutions to unlock growth and improve operational efficiencies. AI-driven strategies, which were once a ‘nice-to-have,’ have become a necessity. To help organizations reduce the resources and costs associated with building in-house models, Experian has launched Ascend Intelligence Services™, an analytics solution delivered on a modern tech AI platform. Ascend Intelligence Services helps streamline model builds and increases decision automation and approval rates. The future of lending: will all lending be done via AI, and what will it take to get there? According to Shri, lending in AI is inevitable. The biggest challenge the lending industry may face is trust in advanced analytics and AI decisioning to ensure lending is fair and transparent. Can AI-based lending help solve for biases in credit decisioning? We believe so, with the right frameworks and rules in place. Want to learn more? Explore our fintech solutions or click below. Listen to Podcast Learn more about Ascend Intelligence Services

Experian recently announced that it has made the IDC 2021 Fintech Rankings Top 100, highlighting the best global providers of financial technology. Experian is ranked number 11, rising 33 places from its 2020 ranking. IDC also refers to Experian as a ‘rising star.’ The robust data assets of Experian, combined with best-in-class modeling, decisioning and technology are powering new and innovative solutions. Experian has invested heavily in new technologies and infrastructures to deliver the freshest insights at the right time, to make the best decision. For example, Experian's Ascend Intelligence Services™ provides data, analytics, strategy, and performance monitoring, delivered on a modern-tech AI platform. With the investment in Ascend Intelligence Services, Experian has been able to streamline the delivery speed of analytical solutions to clients, improve decision automation rates and increase approval rates, in some cases by double digits. “Recognition in the top 20 of IDC FinTech Rankings demonstrates Experian’s commitment to the success of its financial clients,” said Marc DeCastro, research director at IDC Financial Insights. “We congratulate Experian for being ranked 11th in the 2021 IDC FinTech Rankings Top 100 list.” View the IDC Fintech Rankings list in its entirety here. Focus on Data, Advanced Analytics and Decisioning Creates Winning Strategy for Experian Experian’s focus on data, advanced analytics and decisioning has continued to gain recognition from various notable programs that acknowledge Fintech industry leaders and breakthrough technologies worldwide. Beyond the IDC Fintech Rankings Top 100, Experian won honors from the 2021 FinTech Breakthrough Awards, the 2021 CIO 100 Awards and was most recently shortlisted in the CeFPro Global Fintech Leaders List for 2022 in the categories of advanced analytics, anti-fraud, credit risk and core banking/back-end system technologies. “At Experian, we are committed to supporting the Fintech community. It’s great to see our continued efforts and investments driving positive impacts for our clients and their consumers. We will continue to invest and innovate to help our clients solve problems, create opportunities and support their customer-first missions,” said Jon Bailey, Vice President for Fintech at Experian. Learn more about how Experian can help advance your business goals with our Fintech Solutions and Ascend Intelligence Services. Explore fintech solutions Learn more about AIS

Premier Awards Program Recognizes Breakthrough Financial Technology Products and Companies Experian’s Ascend Intelligence Services was selected as a winner of the “Consumer Lending Innovation Award” category in the fifth annual Fintech Breakthrough Awards conducted by Fintech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global fintech market today. The Fintech Breakthrough Awards is the premier awards program founded to recognize the fintech innovators, leaders and visionaries from around the world in a range of categories, including digital banking, personal finance, lending, payments, investments, RegTech, InsurTech and many more. The 2021 Fintech Breakthrough Awards attracted more than 3,850 nominations from across the globe. One of the latest developments on Experian's trusted, award-winning Ascend platform, Ascend Intelligence Services empowers financial services firms with Experian’s revolutionary managed analytics solutions and services, delivered on a modern-tech AI platform. Ascend Intelligence Services includes rapid model development, seamless deployment, optimized decision strategies, ongoing performance monitoring and continuous retraining. The technology-enabled service uses a secure cloud-based AI platform to harness the power of machine learning, and deliver unique capabilities covering the entire credit lifecycle, through an easy-to-use web portal. “To stay ahead of the latest economic conditions, fintechs need high-quality analytical models running on large and varied data sets that empower them to act quickly and decisively. The breakthrough Ascend Intelligence Services platform answers this immediate market need,” said James Johnson, Managing Director, Fintech Breakthrough. “Congratulations to Experian and the Ascend team on winning our ‘Consumer Lending Innovation Award’ for 2021 with this game-changing solution.” “Data scientists are spending too much time on manual, repetitive and low value-add tasks, and organizations cannot afford to do this is in a state of constant change,” said Srikanth Geedipalli, Experian’s SVP Global Analytics/AI Products. “While building and deploying high-quality analytical models can be time-consuming and expensive, Ascend Intelligence Services streamlines this process by harnessing the power of machine learning and Experian’s rich data assets to drive better, faster and smarter decisions. We have been able to deliver analytical solutions to clients up to 4X faster, significantly improving decision automation rates and increasing approval rates by double digits. We are proud that Ascend Intelligence Services is being recognized as a breakthrough solution in the 2021 Fintech Breakthrough Awards program,” he said. Ascend Intelligence Services is comprised of four modules: Ascend Intelligence Services Challenger™ is a powerful, dynamic and collaborative model development service that enables Experian to rapidly build a model and quantify the benefit to business. Businesses can review, comment on and approve the model, all from within the web portal, while it’s being built. The resulting score is available for testing through an API endpoint and can be deployed in production with a few easy steps. Reports are customizable, downloadable and regulatory compliant. Ascend Intelligence Services Pulse™ is a proactive model monitoring and validation service, which aids companies in monitoring the health of models that drive their business decisions. Pulse, provides convenient dashboards that include a model health index, performance summary, stress-testing results, model risk management reporting, model health alerts and more. Additionally, Pulse automatically builds challengers for champion models, providing an estimated performance lift and financial benefit. Ascend Intelligence Services Strategy Advance™ is a powerful business strategy development service, enabling clients to make optimal lending decisions on their applicants. Strategy Advance uses Experian’s powerful optimization engine to build the right credit policy for clients, including sophisticated decision rules, model overlays and client specified knock-out rules. The resulting decision is available for testing through an API endpoint and can be deployed in production with a few easy steps. Ascend Intelligence Services Limit™ is a credit limit optimization service, enabling clients to make the right credit limit decisions at account origination and during account management. Limit uses Experian’s data, predictive risk and balance models and our powerful optimization engine to design the right credit limit strategy that maximizes product usage, while keeping losses low. The limit decision is available for testing through an API endpoint and can be deployed in production with a few easy steps. To learn more about how Ascend Intelligence Services can support your business, please explore our solutions page. Learn more For a list of all award winners selected for the Fintech Breakthrough Awards, read the full press release here.