How are financial services providers using machine learning to improve credit risk decisions?

In collaboration with FStech, this report explores how Financial Services (FS) providers can support their customers at a time of economic uncertainty.

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In collaboration with FStech, we hosted a roundtable event where senior leaders from across the financial services industry gathered to discuss the key challenges and opportunities for companies as they use their data to provide more personalised customer journeys and achieve better decisioning in an increasingly complex risk landscape.

Download our report “How are FS providers using machine learning and data analytics to improve credit risk decisions?” now.

What’s covered in this report?

In this report, we record the conversations that were held at the roundtable event, and how Experian can help financial services (FS) providers use artificial intelligence (AI), machine learning (ML) and data to support their customers in the cost-of-living squeeze.

Download the report now

An introduction to Experian's work

"At Experian, we are continuing to work with industry to develop new capabilities, models and technologies that not only offers greater understanding of opportunity and risk but can also help inform more confident business and lending decisions."

How would firms like to be using AI and ML in light of the cost-of-living crisis?

An associate at a large multinational bank said: "We're just evaluating the option for this technology at the moment, and we also don't have a tonne of data so it's a case of using more of the traditional tools from a cost-of-living perspective: but new tech is something on our road map for the future."

How are finance services providers using AI and ML to optimise decision making at the moment?

"AI is helping us make our decisions faster and based on a broader data set rather than what we would do traditionally," said an executive at a British multinational bank.

Will the anonymisation of data help with GDPR and data handling compliance issues?

"One of the things that I've had to do is to set up a regulatory business plan for one of the new challenger banks which was dealing specifically with a Buy Now Pay Later AI model that they were working with," said the Chief Growth Officer at one challenger bank.

Report highlights include:

Front cover of FStech and Experian whitepaper

The challenges facing FS providers
Including the Financial Conduct Authority's (FCA) new consumer duty rules
How FS providers are utilising automation
And how this is helping with credit risk decisioning
How FS providers are using data analytics to scale their operations
Enhancing data analytics capabilities to understand better the individual transactions of clients
How Experian can help
Through access to the latest data and leading analytic intelligence

A sneak peek into:

How are FS providers using machine learning and data analytics to improve credit risk decisions?

Digital hand reaching out of a tablet to interact with data

Senior leaders from across the financial services industry gathered for a digital roundtable to discuss the key challenges and opportunities for companies as they use their data to provide more personalised customer journeys and achieve better decisioning in an increasingly complex risk landscape.

With customers and balance sheets under increasing pressure and with the cost-of-living crisis, many organisations are prioritising sustainable growth and looking to automation to deliver accurate risk profiling and affordability checks to ensure they’re onboarding the right customers.

Banks are also under internal pressure to ensure that risk modelling is accurate and that portfolios are balanced. With bills and inflation skyrocketing at the moment, customers and clients are looking to financial services providers to give them innovative and tailored support which takes a holistic and responsible view of their financial situation and guides them through these uncertain economic times.

As a result, FS providers need to make sound credit risk and lending decisions which use rich data and automation to assess customers’ affordability. In addition, the FCA’s new consumer duty rules, which require firms to prioritise customers’ needs and potential vulnerability, makes sound decisioning not only a risk management and digital transformation strategy but also a regulatory requirement.

Did you enjoy the read?

Download the report "How are FS providers using machine learning and data analytics to improve credit risk decisions?"

During this roundtable, senior leaders from across the financial services industry discussed the key challenges and opportunities for companies when using machine learning and data analytics to improve credit risk decisions. Find out what they said.

Read the report in full >

How are financial services providers using machine learning to improve credit risk decisions?

In collaboration with FStech, this report explores how Financial Services (FS) providers can support their customers at a time of economic uncertainty.

Download the report