Nationwide partners with AI experts Jaywing for digital transformation
UK-based finance giant Nationwide has decided to partner with Jaywing, experts in AI and credit risk, as part of the business’ digital transformation journey.
Nationwide, the largest building society in the UK, will work with Jaywing’s analytical team to explore the use of artificial intelligence for risk modelling. The company will investigate how machine learning can be applied to application scoring.
Jaywing’s AI software, Archetype, will be used by Nationwide to make predictions with the goal of reducing bad debt and increasing acceptance rates.
The software was chosen following an assessment process which compared it to other AI based solutions. It was found that Archetype would allow lenders to deploy better, compliant models more frequently 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 collection, we’ve seen Archetype produce significant score improvements every time.”
It was found through the assessment process that Archetype could match up to other AI based techniques.
- AI offers “an opportunity to differentiate” bankingFinancial Services (FinServ)
- The marriage of embedded finance and AIFinancial Services (FinServ)
- Banking platform Temenos launches AI mortgage solutionFinancial Services (FinServ)
- Crypto firm Bitpanda to invest millions in AI wealth toolsCrypto