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Credit data powers Experian’s software transformation
- Experian has leveraged its vast consumer spending data to initiate a transformative shift towards software and data analysis.
- The Ascend Platform, introduced in 2023, is an AI-driven suite that automates data science tasks for financial services, healthcare, automotive, and digital marketing.
- It addresses the needs of financial institutions by automating model building and reducing fraud risk, streamlining a previously laborious process.
- The platform utilizes 200 attributes to create behavioral profiles of buyers, aiding in decision-making for marketers and financing firms.
- Experian Assistant, a generative AI tool, enhances coding productivity and model transparency, garnering recognition for Analytics Innovation.
- Gen AI also assists in detecting and addressing model drift in machine learning models, improving overall model effectiveness.
- Features like reject inferencing and fraud sandbox aid in assessing creditworthiness and identifying potential fraudulent activities.
- The platform helps streamline compliance documentation, reducing the time needed to get models into production to meet regulatory standards.
- Experian aims to be the 'Microsoft Office of credit analytics' by offering a collaborative platform with integrated tools for various industries.
- Its software-driven expansion accounts for 35% of the company's $7 billion in annual revenues, highlighting the success of this strategic shift.
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