UK-based finance giant Nationwide has planned to partner with Jaywing, experts in AI and credit risk, as part of the business’ digital modification journey.
 
Nationwide, the premier building society in the UK, will work with Jaywing’s analytical team to investigate the use of artificial intelligence for risk modelling. The company will investigate how machine learning can be practiced to application scoring.
 
Jaywing’s AI software, Archetype, will be used by Nationwide to make prophecies with the goal of lowering bad debt and boosting validation rates.
 
The program was chosen following an assessment process which contrasted it to other AI based solutions. It was found that Archetype would allow lenders to deploy better, compliant models more usually and with less effort.
 
Matthew Jones, Head of Retail Modelling, Nationwide, said: “Jaywing’s approach and depth of knowledge has made us confident that the use of neural networks and similar technologies has reached a level of maturity where it can be deployed safely in the credit risk arena.”
 
Nevan McBride, Risk Practice Director at Jaywing, added: “Across the whole credit lifecycle, from application and behavioural scoring through to debt collecting, we’ve seen Archetype make significant score improvements every time.”
 
It was found through the assessment process that Archetype could match up to other AI based techniques.



This article is originally posted on Tronserve.com