What Makes Experian’s Assistant Stand Out in The AI Game?

As companies strive to harness the power of data-driven insights, innovative solutions are becoming increasingly crucial to stay competitive in the market.

One such development comes from Experian, a global leader in consumer and business credit reporting and marketing services.

The company has recently created Experian Assistant, a AI-powered tool designed to revolutionise the way businesses handle data analytics, modelling and decision-making processes.

To find out more, we gained insight from Shri Santhanam, EVP and GM of Software Platforms and AI at Experian about Experian Assistant.

What makes Experian Assistant stand out from other AI processors?

In an era where online, financial and transactional services are increasingly directed by the power of data, companies must rely on advanced AI-driven analytics, modelling and decisioning to remain competitive.

This is where Experian Assistant comes in, enabling companies to quickly go from ideas to data and into production, which requires expertise throughout the modeling lifecycle.

The equivalent of having a seasoned expert from Experian beside you, Experian Assistant leverages the latest advancements in Gen AI to simplify and accelerate complex use cases, offering businesses a new level of efficiency and precision in their data-driven operations.

How does Experian Assistant reduce model development time?

Experian Assistant’s first application is a code assistant that considerably reduces the time it takes to build and refine models.

Experian’s research shows it takes 15 months on average to build and deploy a model into production.

Thanks to its Gen AI-powered capabilities, Experian Assistant can help compress processes that traditionally stretched across months and into days or even hours.

This efficiency is particularly crucial in today’s fast-paced financial environment, where agility is key to staying ahead of the competition.

Can you elaborate on how customer feedback shaped Experian Assistants features and functionalities?

By significantly cutting down on development times, financial institutions can optimise operations, launch products faster and better respond to shifting market demands.

In fact, the results thus far have already been impressive.

Continental Finance Company, one of the early adopters of Experian Assistant, was able to reduce data-building time by a staggering 75%.

This not only led to faster model development but delivered significant cost savings, all while ensuring that strict data privacy standards were adhered to.

What measures has Experian implemented to ensure data privacy and compliance while using AI technologies in financial services?

Experian Assistant dramatically changes the workflow of data scientists and data analysts, increasing their agility and enabling them to work much more productively to garner insights and make business decisions with less staff time invested and with faster turnaround.

Plus, the solution reduces business expenses and saves time and money by helping to minimise modelling iterations and compute power by selecting optimal modeling features.

Lastly, Experian Assistant can improve regulatory compliance through automated model risk documentation, identity and fraud management, risk assessment, and transaction monitoring.

What future developments or enhancements can we expect for Experian Assistant, particularly in terms of expanding its capabilities or applications across different industries?

While the first application of Experian Assistant is a code assistant, future applications of Experian Assistant that are coming soon will support regulatory compliance, marketing and promotions and more – opening the use of Experian’s expansive data, analytics and modeling to a wide range of industry sectors.

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