Tag: genAI

Generative AI (GenAI) is transforming the financial services industry by boosting operational efficiency, cutting costs, and enhancing customer experience. Today, industry leaders are leveraging GenAI technology to accelerate the modeling lifecycle, streamline workflows, and ensure regulatory compliance. However, financial institutions face several headwinds in their efforts to achieve strong business results. What industry challenges do financial institutions face? To drive profitability while fueling growth, organizations need to reduce costs, manage risks, and identify new revenue streams while complying with regulatory requirements. Growing customer bases are also a top priority for banking leaders in 2025, requiring personalized services and improved customer experiences to attract and retain customers.1 Staying one step ahead of the competition is another hurdle that many organizations need to overcome. A recent study states that 23% of U.S. consumers surveyed have opened a new bank account, and 28% have considered switching to a new bank in the past six months.2 Traditional financial institutions must continuously innovate to stay on pace with smaller, more agile fintech companies. Adopting technologies like GenAI is an effective way to stay relevant and top-of-mind with consumers. Why use GenAI technology in financial services? Financial organizations that use GenAI are achieving success by: Increasing productivity and efficiency Minimizing costs Strengthening customer relationships GenAI has revolutionized productivity, customer service, risk management, and financial data analysis within the financial services industry. Of all the various measurements of AI use, improved productivity was reported to be the leading indicator of successful implementation.3 Online tools like virtual assistants and chatbots provide personalized experiences to consumers and resolve issues in real time, leading to enhanced customer satisfaction. This AI technology reduces the workload on human agents and enables organizations to deliver value more quickly and with less friction. GenAI adoption at Experian Experian® is a leader in GenAI solutions, using advanced technology to manage and improve data. We champion responsible AI use, ensuring proper consumer data privacy, compliance, fraud prevention, and greater financial access and inclusion. Experian Assistant is our latest innovation in GenAI helping financial institutions to accelerate the modeling lifecycle, which enhances efficiency, reduces expenses, and promotes customer growth. Experian Assistant allows businesses to build and deploy models, monitor performance, and go to market more quickly and with less friction, which can translate to more business success. The tool provides instant expert recommendations and insights with comprehensive support, enabling users to make smarter and faster data-driven decisions. This technology offers multiple functions that are crucial for optimizing business efficiency: Natural language interface Deep insights into underlining data tables and metrics Reduced operational and cloud expenses Decreased risk of penalties Read our latest white paper to discover more about how our latest GenAI innovation, Experian Assistant, is empowering organizations to drive business growth and profitability. Read the white paper 1  BAI, 2025. Acquiring new customers and growing quality deposits are the top business challenges in 2025. 2 MX, 2023. What Influences Where Consumers Choose to Bank. 3 Forrester, Q2 AI Pulse Survey, 2024.

GenAI is pushing financial institutions to focus on improving efficiency, productivity, and time to value during the modeling lifecycle. Experian Assistant provides robust tools for data exploration, model building, deployment, and performance monitoring, allowing users to drive better decision-making.

Generative AI (GenAI) is transforming the financial services industry, driving innovation, efficiency and cost savings across various domains. By integrating GenAI into their operations, financial institutions can better respond to rapidly changing environments. GenAI is reshaping financial services from customer engagement to compliance, leading to streamlined operations and enhanced decision-making. The strategic role of GenAI in financial services Adopting GenAI in financial services is now a strategic imperative. A 2024 McKinsey report (The State of AI in 2024) notes more than a 10% revenue increase for companies using GenAI. As institutions strive to stay competitive, GenAI provides powerful tools to enhance customer experiences, optimize operations, accelerate regulatory compliance, and expedite coding and software development. Key areas where GenAI is making an impact Enhanced customer engagement Financial institutions use GenAI to offer personalized products and services. By analyzing real-time customer data, GenAI enables tailored recommendations, boosting satisfaction and retention. Streamlining and optimizing operations GenAI automates tasks like data entry and transaction monitoring, freeing up resources for strategic activities. This accelerates workflows and reduces errors. Further, GenAI-driven efficiency directly cuts costs. By automating processes and optimizing resources, institutions can lower overhead and invest more in innovation. Deloitte’s Q2 2024 study found AI automation reduced processing times by up to 60% and operational costs by 25%. Accelerating regulatory compliance GenAI simplifies compliance by automating data collection, analysis and reporting. This ensures regulatory adherence while minimizing risks and penalties. According to a 2024 Thomson Reuters survey, AI-driven compliance reduced reporting times by 40% and costs by 15%. Developer coding support for efficiencies GenAI is an invaluable tool for programmers. It aids in code generation, task automation and debugging, boosting development speed and allowing focus on innovation. Gartner’s 2024 research highlights a 30% improvement in coding efficiency and a 25% reduction in development timeframes due to GenAI. Accelerating credit analytics with Experian Assistant Within the credit risk management space, GenAI offers a powerful solution that addresses some known pain points. These relate to mining vast amounts of data for insight generation and coding support for attribute selection and creation, model development, and expedited deployment. Experian Assistant is a game-changer in modernizing analytics workflows across the data science lifecycle. Integrated into the Experian Ascend™ platform, it’s specifically designed for analytics and data science teams to tackle the challenges of data analysis, model deployment and operational efficiency head-on. Capabilities and skills of Experian Assistant Data tutor: Offers comprehensive insights into Experian’s data assets, enabling users to make informed decisions and optimize workflows Analytics expert: Provides tailored recommendations for various use cases, helping users identify the most predictive metrics and enhance model accuracy Code advisor (data prep): Automatically generates code for tasks like data merging and sampling, streamlining the data preparation process Code advisor (analysis): Generates code for risk analytics and modeling tasks, including scorecard development and regulatory analyses Tech specialist: Facilitates model deployment and documentation, minimizing delays and ensuring a seamless transition from development to production Driving more-informed decisions Adopting GenAI will be key to maintaining competitiveness as the financial services industry evolves. With projections showing significant growth in GenAI investments by 2025, the potential for enhanced efficiencies, streamlined operations and cost savings is immense. Experian Assistant is at the forefront of this transformation, addressing the bottlenecks that slow down analytical processes and enabling financial institutions to move faster, more informed and with greater precision. By integrating the capabilities of the Experian Assistant, financial institutions can leverage GenAI in credit risk management, automate data processes, and develop customized analytics for business decision-making. This alignment with GenAI’s broader benefits—like operational streamlining and improved customer experience—ensures better risk identification, workflow optimization, and more informed decisions. To learn more about how Experian Assistant can transform your data analytics capabilities, watch our recent tech showcase and book a demo with your local Experian sales team. Watch tech showcase Learn more

 Technology has dramatically transformed the financial services landscape, fostering innovation and enhancing operational efficiency. In an interview at this year’s Money20/20 conference, Scott Brown, Group President of Financial and Marketing Services for Experian, sat down with Fintech Futures’ North America Correspondent Heather Sugg to share how Experian is leveraging data, analytics, and artificial intelligence (AI) to modernize the financial services industry. During the discussion, Scott highlighted the recent launch of Experian Assistant — our newest generative AI tool designed to accelerate the modeling lifecycle, resulting in greater productivity, improved data visibility, and reduced delays and expenses. While Experian Assistant is a business-to-business solution built alongside our clients, Scott also noted its broader impact — helping increase credit access for underserved consumers. “At Experian, we’re really focused on addressing the underserved community who doesn’t have access to credit,” said Scott. “And we think that this tool helps lenders reach those customers in an easier way.”  Learn more about Experian Assistant and watch our tech showcase to see the solution in action. Learn more Watch tech showcase