Experian introduces Experian Assistant to accelerate data modelling

At the Money 20/20 conference in Las Vegas, Experian launched its latest artificial intelligence-powered solution, Experian Assistant, an innovation that promises to transform the financial data modelling landscape. Leveraging generative AI, Experian Assistant dramatically accelerates the timeline for building and deploying data models, reducing the process from several months to mere days or even hours. Embedded in Experian’s widely used Ascend Technology Platform, this tool provides companies with quicker access to critical data insights and modelling capabilities, a crucial advantage in today’s competitive data-driven world.

Enhanced Efficiency for Financial Giants with Experian Assistant

Designed with input from major financial institutions, Experian Assistant offers a unique approach to financial data handling. By enabling users to gain insights, modify data attributes, and adjust data weights, the tool optimises the use of credit and fraud data, increasing accuracy and efficiency. According to Victor Rwenhumbiza, Chief Data Scientist at Continental Finance Company LLC, Experian Assistant slashes data-building time by up to 75%, allowing companies to speed up the deployment of data models, essential for making timely business decisions. Additionally, the code produced by Experian Assistant is of high quality, reducing the need for extensive manual intervention and enhancing productivity.

Broad Industry Applications: Data Accessibility at Scale

Experian Assistant supports a wide range of business sectors via the Experian Ascend Analytical Sandbox, enabling more accessible, faster, and more comprehensive data exploration and model deployment. Through natural language processing, the assistant simplifies data interaction for analysts, enabling queries and code generation in a conversational format. Scott Brown, Group President of Experian North America‘s Financial and Marketing Services, explained that this natural language capability allows data scientists and analysts to engage directly with data and generate actionable insights with greater speed.

This tool arrives amid increased competition for data science talent and regulatory demands for transparency, making Experian Assistant a timely solution for companies that rely on fast, accurate data insights to comply with evolving standards. Furthermore, Experian’s research highlights that it can take up to 15 months to get a model to production. With Experian Assistant, organisations stand to benefit not only from speedier model deployment but also from cost savings as they reduce the need for extensive cloud resources and expert oversight.

Driving Financial Inclusion Through Innovation

Experian’s commitment to financial inclusion is evident through its continuous innovations like Experian Boost and now, Experian Assistant. By refining financial modelling capabilities, the tool addresses one of the biggest hurdles for data-reliant businesses: efficiently accessing and utilising high-quality data. Experian aims to use Experian Assistant to empower financial institutions to serve underrepresented consumers by expanding the reach of alternative credit data, thus fostering inclusion in credit markets. This aligns with Experian’s broader mission to use data responsibly and inclusively to support financial health, a sentiment shared across its platforms and initiatives.

The Future of Financial Modelling with Experian Assistant

The rollout of Experian Assistant represents a major stride in AI-driven financial modelling. As AI’s influence continues to expand, Experian’s generative AI-powered assistant promises to be instrumental in shaping a more inclusive, efficient, and transparent financial services landscape.