At the recent Money 20/20 conference in Las Vegas, Experian launched Experian Assistant, an integrated suite of AI technologies designed to transform the way financial institutions interact with their data. The equivalent of having a seasoned expert from Experian beside you, Experian Assistant leverages the latest advancements in Generative AI (GenAI) to simplify and accelerate complex use cases, offering businesses a new level of efficiency and precision in their data-driven operations.
In an era where financial services are increasingly driven by the power of data, companies must rely on advanced analytics to stay competitive. This is where Experian Assistant steps in, providing expert guidance and automation to ensure that even the most intricate tasks can be handled with ease. Integrated with the cutting-edge
Revolutionizing Modeling Development with Generative AI
This efficiency is particularly crucial in today's fast-paced financial environment, where agility is key to staying ahead of the competition. By significantly cutting down on development times, financial institutions can optimize 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.
Empowering Data Scientists and Analysts
One of the most transformative aspects of Experian Assistant is how it empowers data scientists and analysts to do more, with less effort. Traditionally, these professionals needed deep technical skills to effectively query data, write complex code, and build predictive models. However, Experian Assistant changes this dynamic by leveraging natural language processing (NLP).
"We are providing a tool that empowers our customers to reimagine how they engage with their data to do anything they want: enhance the consumer experience, rapidly test and deploy new offerings, improve internal productivity, spark collaboration across business functions and so much more," said Scott Brown, Group President Financial and Marketing Services, Experian North America.
With Experian Assistant, analysts can ask questions, write queries, and build models with a solution that allows them to gain deeper insight and jumpstart the coding process. This democratizes access to advanced data analytics, enabling more people within an organization to contribute to decision-making processes. By simplifying the technical barriers, Experian Assistant fosters greater collaboration across teams, making data analytics a more inclusive endeavor.
Developed in Collaboration with Customers
Experian Assistant has been and continues to be developed in close collaboration with some of the world's largest financial institutions, ensuring that it addresses the real-world challenges that these organizations face. This collaboration has enabled Experian to tailor it to meet specific business needs, from gaining deeper insights into data to fostering best practices in analytics.
One standout feature is Experian Assistant's capability to provide deep insights into Experian's extensive data assets, which have long been an invaluable resource for financial institutions. By unlocking these insights in a more accessible way, Experian Assistant helps businesses optimize their analytics use, leading to faster product deployment and better outcomes.
Cost Savings, Productivity Gains, and Responsible AI
Experian Assistant's focus on productivity gains and cost savings is clear. By reducing the time it takes to develop models and enhancing data visibility, the solution empowers businesses to operate more efficiently. These gains are compounded by Experian Assistant's ability to help companies adhere to responsible AI principles—an area where Experian has long been a leader.
As AI continues to evolve, the importance of ensuring that algorithms are developed and deployed ethically cannot be overstated. Experian has built robust safeguards into Experian Assistant, ensuring that businesses can harness the power of AI without sacrificing transparency or accountability.
Future Applications Open New Opportunities
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.
For now, the launch of Experian Assistant signals a new era in analytics and modeling for financial institutions. With its GenAI-powered capabilities, Experian Assistant is set to revolutionize how businesses handle data, offering a powerful combination of efficiency, transparency, and responsible AI use. For financial institutions looking to boost productivity, reduce costs, and gain a competitive edge, Experian Assistant represents the future of data-driven decision-making.
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