Credit, Collections & Insolvency News
Risk and data science specialist Jaywing, has launched Archetype, a new risk technology product that uses Artificial Intelligence (AI), machine learning and deep neural nets to help lenders generate transparent statistical models and predict almost any outcome on almost any data set.
Archetype uses true AI to generate more powerful models, significantly reducing the time and effort needed to create them. It affords lenders the opportunity to fully redevelop models the moment they begin to deteriorate, without incurring the resource costs typically associated with model redevelopment. Archetype also overcomes transparency concerns that have until now hindered the use of AI in credit scoring – a significant advancement in the risk technology market and for which Jaywing has applied for a patent.
Ben O’Brien, Managing Director, Jaywing said: “We’ve been able to capitalise on almost twenty years of risk, financial services and data science heritage to create an enhanced AI solution for the financial services sector. The development of Archetype, on the back of advances in processing power and algorithmic improvements, solves one of the issues that was preventing the mass adoption of AI in credit scoring: how to build models that can be understood and agreed by the business, whilst maximising their predictive power. Initial comparative tests of Archetype against an already strong fraud model have shown an uplift in the order of 10 points. With Archetype, lenders can harness the potential of machine learning and AI to drastically reduce manual model development, mitigate risks, improve their speed to market with new models and squeeze vastly more insight from data. We are very excited about the potential for Archetype to transform all aspects of risk and fraud.”
