New service will help lenders drive value from AI and machine learning 

Risk and data science specialist Jaywing, has launched a new consultancy service to help lenders drive value from Artificial Intelligence (AI) and machine learning. The announcement follows the recent launch of Jaywing’s AI product – Archetype – which enables lenders to build vastly more predictive risk models in a fraction of the time of a traditional modelling project, whilst retaining complete control and visibility of the resulting model.

Technology research leaders Gartner have identified AI as a “Megatrend” for 2017, saying that it “will be the most disruptive class of technologies over the next 10 years due to radical computational power, near-endless amounts of data, and unprecedented advances in deep neural networks; these will enable organisations with AI technologies to harness data in order to adapt to new situations and solve problems that no one has ever encountered previously”. Increasingly, effective use of AI will become the difference between those businesses that are adopting it to gain an edge on their competitors, and those that are being left behind.

As AI evolves, and becomes ever more prevalent, it will enable organisations to transform the way they operate, using new tools and approaches to become more efficient.  There is huge potential for lenders to start to take advantage of this transformation – but doing so involves many challenges, not least having the right skills and knowledge in-house (or perhaps just enough bandwidth) to identify key opportunities and then to execute on them.

Jaywing’s AI consulting service will help organisations to drive value from AI and machine learning approaches. Lenders looking to make their first steps into AI and machine learning can be supported by consultants who have expert knowledge and experience. This helps to plug the skills and resource gap and transform an organisation’s approach to credit scoring, strategy and credit risk innovation.  Jaywing’s offer includes reviewing operational processes that could be improved by harnessing the power that AI offers and diving deep into data sources that may otherwise seem impenetrable.

Jaywing has a long-held reputation for data science and consulting excellence, operating across multiple vertical markets and solving diverse mathematical problems.  Its AI Consulting team, under Data Scientist Dr. Martin Benson, has already applied machine-learning techniques to solve the modelling challenges presented by IFRS 9 and stress testing by developing a new product – Horizon.  More recently, it has added Archetype to its suite of data science products – a leading-edge AI predictive modelling tool based on a unique application of deep neural nets that effectively solves the “black box” problem preventing the adoption of neural nets in credit scoring.

Ben O’Brien, Managing Director, Jaywing said: “Many lenders don’t have their own established data science teams, and very few have the credentials in artificial intelligence, machine learning and data science that Jaywing is proud to have. With almost twenty years’ experience leading risk, financial services and data science projects, our team specialises in AI, big data, data science, machine learning and data analytics. From advising on the best approach to developing their artificial intelligence capability, to running processes on their behalf and integrating them within an organisation, to supporting an AI build, Jaywing is on hand to support lenders every step of the way with implementing AI in credit risk, and fraud.”

Rob Shaw, CEO, Jaywing adds: “Over the next three to five years, AI technologies and predictive data analytics will be one of the most significant competitive differentiators in business. We are excited to pioneer AI technology and provide bespoke support to lenders looking to implement AI across their credit risk and fraud departments. We have the right team, the right technology and the best business model to create extraordinary value for our clients.”

Jaywing’s team of risk and data science specialists is now more than 70 strong. It has supported over twenty-five lenders in the UK with risk modelling and analysis including Lloyds Banking Group, Royal Bank of Scotland, Nationwide, Secure Trust Bank, Shawbrook Bank, Paragon Bank and Coventry, Skipton, West Bromwich, Newcastle and Nottingham Building Societies. In addition to supplying AI risk technology, Jaywing’s experts offer specialist AI consultation for lenders looking to embed AI into their organisation.